Indian rupee ended substantially stronger against dollar on Wednesday on increased selling of American currency by banks and exporters. Besides, surge in domestic markets added to the positive milieu of rupee. Further, weakness of the dollar against other currencies overseas gave the rupee some support. Investors got support with the Reserve Bank of India’s Financial Stability Report (FSR), which stated that despite global uncertainties, banking sector issues, the economy stands out in terms of growth among its peers. On the global front, euro hover above their post-Brexit lows, though the battered European currencies remained hampered by longer term uncertainty and yen had surged, after Britain’s decision to leave the European Union sent shockwaves around markets on Friday.
Finally, the rupee ended 67.68, 27 paise stronger from its previous close at 67.95 on Tuesday. The currency touched a high and low of 67.84 and 67.60 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.74 and for Euro stood at 75.02 on June 29, 2016. While the RBI’s reference rate for the Yen stood at 66.21, the reference rate for the Great Britain Pound (GBP) stood at 90.4928. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
