Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Besides, healthy growth in the domestic equity market and dollar weakness against other currencies overseas added to the rupee gains. Sentiments got some upbeat with the India Meteorological Department (IMD) report that monsoon rains will cover the whole of India in the next 48 hours boosting hopes of a rise in farm output and incomes after two straight years of drought. On the global front, the pound rose firmly against other major currencies on Thursday, as investors waited for the Bank of England’s first post-Brexit policy decision to see if the central bank will cut rates for the first time in seven years.
Finally, the rupee ended 66.91, 14 paise stronger from its previous close at 67.05 on Wednesday. The currency touched a high and low of 67.03 and 66.87 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91and for Euro stood at 74.35 on July 14, 2016. While the RBI’s reference rate for the Yen stood at 63.38, the reference rate for the Great Britain Pound (GBP) stood at 88.5468.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
