Indian rupee ended marginally stronger against dollar on Tuesday due to selling of American currency by banks and exporters. Further weakness in dollar overseas too supported the domestic currency. Some support came in with the combined output of eight crucial infrastructure sectors which jumped to a 16-month high of 6.4% in March due to a double-digit growth in refinery products, fertilizers, cement and electricity. However, losses in local equity market capped gains in the rupee. On the global market, yen was high against a weak dollar on Tuesday, extending gains that have undermined Japanese officials' attempts to reflate the developed world's most stagnant economy.
Finally, the rupee ended at 66.42, 2 paise stronger from its previous close of 66.44, on Monday. The currency touched a high and low of 66.46 and 66.22 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.26 and for Euro stood at 76.61 on May 03, 2016. While the RBI’s reference rate for the Yen stood at 62.65, the reference rate for the Great Britain Pound (GBP) stood at 97.5690. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
