Indian rupee recouping its early losses ended marginally stronger against dollar on Wednesday due to selling of American currency by banks and exporters. The domestic currency snapped its two day losing streak to end strong. Besides, dollar’s weakness against euro and other currencies overseas supported the domestic unit. However, gains remained capped to large extend due to losses in local equity market. Meanwhile, investors remained cautious ahead of tomorrow’s crucial referendum that will decide whether Britain will stay in the European Union or not. On the global front, dollar was muted on Wednesday following another cautious outlook on the US economy by Fed Chair Janet Yellen yesterday.
Finally, the rupee ended 67.47, 2 paise stronger from its previous close at 67.49 on Tuesday. The currency touched a high and low of 67.62 and 67.43 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.55 and for Euro stood at 76.03 on June 22, 2016. While the RBI’s reference rate for the Yen stood at 64.61, the reference rate for the Great Britain Pound (GBP) stood at 99.1534. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
