Extending its gaining streak for second consecutive session, Indian rupee appreciated against dollar on Thursday on sustained selling of the American currency by exporters and banks and a strong domestic equity markets. Besides, dollar’s weakness against some other currencies overseas provided added momentum to the rupee. Optimism that the government’s move to implement the wage hike for its employees this year would stoke demand and help growth also supported the domestic currency. On the global front, dollar remained near a 3-1/2-month high against a basket of currencies hit in the wake of Britain’s stunning vote to exit from the European Union.
Finally, the rupee ended 67.52, 16 paise stronger from its previous close at 67.68 on Wednesday. The currency touched a high and low of 67.71 and 67.47 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.61 and for Euro stood at 75.00 on June 30, 2016. While the RBI’s reference rate for the Yen stood at 65.91, the reference rate for the Great Britain Pound (GBP) stood at 90.5183. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
