Indian rupee continued its gaining streak on Friday taking cues from the strength in other regional currencies against the dollar. The rupee got additional support with the local equity markets surge, which moved higher for the fourth straight session, raising hopes of more fund inflows. The domestic currency remained strong from the beginning although there was some cautiousness ahead of the gross domestic product (GDP) data which is due on next week. The government will release GDP data for the March quarter on 31 May after 5.30pm. On the global front, the US dollar stayed in consolidation mode after its rally to two-month highs ran out of steam with traders looking for fresh guidance from the head of the US central bank.
Finally, the rupee ended at 67.03, 13 paise stronger from its previous close at 67.17 on Wednesday. The currency touched a high and low of 67.13 and 66.95 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.06 and for Euro stood at 75.08 on May 27, 2016. While the RBI’s reference rate for the Yen stood at 61.12, the reference rate for the Great Britain Pound (GBP) stood at 98.3923. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
