Snapping its three-days losing streak, Indian rupee appreciated against dollar on Tuesday on the back of selling of American currency by banks and exporters. The rupee wiped of its early losses to end strong. Further, surge in local equity market also buttress the domestic currency. Dollar's weakness against other currencies overseas as investors remained cautious ahead of the Federal Reserve policy meeting starting on Tuesday, too supported domestic currency. Some support also came with statement of Economic Affairs Secretary Shaktikanta Das, who said that India plans to further liberalise rules for overseas investors as the government looks to reduce the need for approvals. On the global front, yen rose on Tuesday against the dollar and euro as prospects of more monetary stimulus this week from the Bank of Japan remained unclear
Finally, the rupee ended at 66.52, 10 paise stronger from its previous close of 66.62, on Monday. The currency touched a high and low of 66.84 and 66.48 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.73 and for Euro stood at 75.18 on April 26, 2016. While the RBI’s reference rate for the Yen stood at 60.22, the reference rate for the Great Britain Pound (GBP) stood at 96.7695. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
