Indian rupee ended stronger against dollar on Monday due to selling of American currency by banks and exporters, amid mixed cues from Asian currency markets. Besides, rupee got support with the smart rally in the domestic equity market. Rupee recouped its early losses to end stronger. Some support came after India's wholesale prices Index (WPI) fell for the 17th straight month in March, with the WPI-based inflation declining 0.85% from a year ago on the back of falling prices of manufactured products. On the global front, yen was higher against rival currencies on Monday after major oil producers failed to reach a deal to curb production, prompting investors to rush into the Japanese currency.
Finally, the rupee ended at 66.55, 9 paise stronger from its previous close of 66.64 on Wednesday. The currency touched a high and low of 66.71 and 66.52 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.66 and for Euro stood at 75.25 on April 18, 2016. While the RBI’s reference rate for the Yen stood at 61.73, the reference rate for the Great Britain Pound (GBP) stood at 94.3928. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
