Indian rupee ended stronger against dollar on Thursday due to fresh selling of the American currency by banks and exporters amid foreign fund inflows. The domestic currency was trading strong from the start and was supported by the gains in local equity markets which despite some volatility had a positive close. Besides, weak dollar against some currencies overseas after the Fed minutes of recent policy meet suggested that the US Federal Reserve was unsure over the path of future rate hikes amid weakness in jobs data and global worries supported the rupee gains to some extent. On the global front, Yen was higher against Dollar amid speculation of long-term delays to a Federal Reserve rate hike.
Finally the rupee ended at 67.39, 6 paise stronger from its previous close of 67.45 on Tuesday. The currency touched a high and low of 67.50 and 67.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.49 and for Euro stood at 74.82 on July 7, 2016. While, the RBI’s reference rate for the Yen stood at 67.00, the reference rate for the Great Britain Pound (GBP) stood at 87.6114. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
