Indian rupee after showing a smart upmove in the previous session consolidated on Tuesday, but managed to maintain its gaining streak, even though it weakened in early deals on fresh bouts of dollar selling by banks and exporters. The domestic currency made a flat opening but gathered strength with the good going in the local equity markets on hopes of GST Bill finally getting passed in parliament on Wednesday, as the GST bill has been listed in the Rajya Sabha agenda for the day. However, the equity markets turned choppy and gave up gains, the currency followed the trend and turned choppy though finally ended with modest gains on dollar weakness overseas. On the global front, the dollar fell to fresh five-week lows against the other major currencies on Tuesday, following news of additional stimulus measures in Japan.
Finally, the rupee ended at 66.73, 2 paise stronger from its previous close at 66.75 on Monday. The currency touched a high and low of 66.78 and 66.70 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.76 and for Euro stood at 74.59 on August 2, 2016. While the RBI’s reference rate for the Yen stood at 65.32, the reference rate for the Great Britain Pound (GBP) stood at 88.03.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
