Indian rupee recouped its early losses and ended stronger against dollar on mild selling of American currency by banks and exporters. Rupee snapped its two day losing streak to end stronger supported by local equity markets which somehow managed a positive close. However gains remained capped as investors avoided long position ahead of the long weekend as currency market will remain closed tomorrow and Friday on account of ‘Holi’ and ‘Good Friday’, respectively. On the global front, dollar rose to a one-week high against a basket of major currencies on Wednesday, boosted by hawkish comments by US Federal Reserve officials and safe-haven demand following Tuesday's deadly attacks in Brussels.
Finally, the rupee ended at 66.64, 8 paise stronger from its previous close of 66.72 on Tuesday. The currency touched a high and low of 66.93 and 66.62 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.86 and for Euro stood at 74.90 on March 23, 2016. While the RBI’s reference rate for the Yen stood at 59.52, the reference rate for the Great Britain Pound (GBP) stood at 94.9268. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
