Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters amid positive economic data. While, industrial production recovered, growing by 1.2 percent in May compared to (-) 0.8 percent in April, the retail inflation based on Consumer Price Index (CPI) rose marginally to 5.77 percent in June as against 5.76 percent in May. Besides, dollar’s weakness against other currencies overseas too supported the rupee. Further, investors got some comfort with report that monsoon rains have covered the entire country, two days ahead of schedule despite the week-long delay in its onset. On the global front, the yen wiped out its first gain in three days against the dollar as a rally in global stocks fueled optimism the fallout from Britain’s decision to leave the European Union is being contained.
Finally, the rupee ended 67.05, 13 paise stronger from its previous close at 67.18 on Tuesday. The currency touched a high and low of 67.21 and 67.03 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.20 and for Euro stood at 74.34 on July 13, 2016. While the RBI’s reference rate for the Yen stood at 64.53, the reference rate for the Great Britain Pound (GBP) stood at 89.2880.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
