Indian rupee ended stronger against dollar for the fifth straight day on Wednesday, on increased selling of the US currency by exporters and banks amid higher foreign fund inflows. The domestic currency was also supported by the gains in equity markets, which managed a positive close after the choppy trading session. Besides, weak dollar against some currencies overseas too added to the positive milieu of Indian currency. Sentiments got some support with the government pitching for a ratings upgrade with global agency Fitch Ratings citing improvement in macroeconomic conditions and its commitment to fiscal consolidation. Fitch Ratings had in December affirmed India's 'BBB-' rating with a stable outlook. On the global front, dollar fell on Wednesday, as hopes for a Federal Reserve interest rate hike this month continued to lighten, ahead of US and Japanese central bank meetings next week.
Finally, the rupee ended at 66.65, 13 paise stronger from its previous close at 66.78 on Tuesday. The currency touched a high and low of 66.80 and 66.62respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.73 and for Euro stood at 75.81 on June 08, 2016. While the RBI’s reference rate for the Yen stood at 62.26, the reference rate for the Great Britain Pound (GBP) stood at 97.0823. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
