Extending its gains for fourth consecutive session, Indian rupee ended marginally stronger against dollar on increased selling of the US currency by banks and exporters. Besides, strong gains in the domestic equity market and dollar weakness against other currencies overseas added to the rupee’s gains. Sentiment got up-beat with the report that Indian manufacturing activity edged up to a three-month high in June, driven by stronger demand. The Nikkei/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 51.7 in June from May’s 50.7, its sixth month above the 50 mark that separates growth from contraction. On the global front, the pound inched higher against the dollar with credit going in part to buzz around a possible U.K. corporate tax cut that could boost Britain’s economy.
Finally, the rupee ended 67.27, 5 paise stronger from its previous close at 67.32 on Friday. The currency touched a high and low of 67.28 and 67.14 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.18 and for Euro stood at 74.83 on July 04, 2016. While the RBI’s reference rate for the Yen stood at 65.47, the reference rate for the Great Britain Pound (GBP) stood at 89.30. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
