Indian rupee ended stronger for second consecutive session against dollar due to selling of greenback by banks and exporters, amid gains in Asian currency market. Rupee looked strong from the very beginning and was supported by the gains in local equity market. Some support also came with Niti Aayog vice-chairman Arvind Panagariya's statement that the economy is expected to grow over 8 per cent this fiscal with the forecast of above-normal monsoon. Meanwhile, market participants remained cautious ahead of US FOMC meet today and BOJ policy meeting tomorrow, which capped some rupee gains. On global front, dollar fell against a basket of currencies as investors remained cautious ahead of the outcome of the Federal Reserve on interest rates.
Finally, the rupee ended at 66.45, 7 paise stronger from its previous close of 66.52, on Tuesday. The currency touched a high and low of 66.59 and 66.40 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.54 and for Euro stood at 75.17 on April 27, 2016. While the RBI’s reference rate for the Yen stood at 59.85, the reference rate for the Great Britain Pound (GBP) stood at 96.9242. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
