Indian rupee bounced back on Thursday, paring most of the losses it occurred in last session in a knee-jerk reaction to some reports that the RBI governor was not seeking a second term. The domestic currency turned jubilant from the very beginning on account of dollar selling by banks and exporters. The gain in other regional currencies too supported the rupee after the dollar weakened ahead of the employment figures from the US. The local equity markets too turned higher in the late trade and boosted the case of foreign fund inflow. On the global front the dollar touched a two-week low against the yen on Thursday, the greenback weakened ahead of the release of key U.S. employment data due later in the day.
Finally, the rupee ended at 67.29, 16 paise stronger from its previous close at 67.45 on Wednesday. The currency touched a high and low of 67.42 and 67.21 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.25 and for Euro stood at 75.30 on June 2, 2016. While the RBI’s reference rate for the Yen stood at 61.58, the reference rate for the Great Britain Pound (GBP) stood at 97.0465. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
