Indian rupee extended its gains for the second straight session against dollar on Monday due to fresh selling of American currency by exporters. Domestic currency erased all early losses to end higher. However, losses of local equities, month-end demand for the greenback from importers and the dollar's strength limited further appreciation of Indian currency. Meanwhile, investors are waiting for the Reserve Bank of India (RBI) monetary policy review due on April 5 amid hopes of a 25 basis points cut in interest rates. On the global front, dollar headed gain against the yen, its longest streak since October, as speculation grew that the Federal Reserve has a stronger case for raising interest rates.
Finally, the rupee ended at 66.57, 7 paise stronger from its previous close of 66.64 on Wednesday. The currency touched a high and low of 66.88 and 66.56 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.66 and for Euro stood at 74.42 on March 28, 2016. While the RBI’s reference rate for the Yen stood at 58.72, the reference rate for the Great Britain Pound (GBP) stood at 94.3019. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
