Indian rupee strengthened for third consecutive session on Thursday on the back of strength of local equities. Besides, dollar selling by exporters and banks amidst sustained capital inflows also bolstered Indian currency. The rupee sentiment was also boosted as the dollar slipped against other currencies overseas as the US Federal Reserve left interest rates unchanged. Some support also came with global rating agency Crisil’s report that India’s GDP growth could rise to 7.9 per cent because of good monsoon so far, with agriculture expected to grow by 4 per cent and consumer price inflation likely to be restricted to 5 per cent in 2016-2017. On the global front, yen gained against dollar on Thursday on speculation that the Bank of Japan won't deliver radical stimulus this week.
Finally, the rupee ended 67.03, 12 paise stronger from its previous close at 67.15 on Wednesday. The currency touched a high and low of 67.10 and 67.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.06 and for Euro stood at 74.36 on July 28, 2016. While the RBI’s reference rate for the Yen stood at 64.07, the reference rate for the Great Britain Pound (GBP) stood at 88.43.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
