Indian rupee, snapping its two day’s depreciating streak ended substantially stronger on Thursday on fresh selling of American currency by banks and exporters, tracking gains in its Asian peers. Besides, the dollar’s weakness against some currencies overseas too supported the rupee. Further, some support came with industry body CII pegging the country's economic growth at around 8 per cent for the current fiscal, higher than the RBI's projection of 7.6 per cent. However, losses in domestic equity market restricted rupee’s gain. On the global front, yen was higher against greenback on Thursday, after minutes of the Federal Reserve's meeting last month underscored its caution about future interest rate hikes.
Finally, the rupee ended at 66.46, 20 paise stronger from its previous close of 66.66 on Wednesday. The currency touched a high and low of 66.63 and 66.41 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.46 and for Euro stood at 75.89 on April 07, 2016. While the RBI’s reference rate for the Yen stood at 61.04, the reference rate for the Great Britain Pound (GBP) stood at 94.0415. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
