Indian rupee ended marginally stronger against dollar on Thursday due to increased selling of American currency by exporters and banks. Besides, some gains in local equity markets after the Rajya Sabha passed the Goods and Services Tax (GST) Constitutional Amendment Bill, which aims to do away with multiple rates of taxation at each state’s level and to replace those with a uniform rate nationwide, also supported the domestic currency. The US India Business Council (USIBC) termed the passage of GST bill by the Indian Parliament as a game-changer, saying it is a significant milestone in efforts to improve the country's ranking in World Bank's ease of doing business index. On the global front, dollar was under pressure on Thursday as upbeat jobs data did little to boost hopes for a US interest rate rise, while traders also eyed a Bank of England meeting.
Finally, the rupee ended at 66.92, 7 paise stronger from its previous close at 66.99 on Wednesday. The currency touched a high and low of 66.99 and 66.87 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.94 and for Euro stood at 74.60 on August 4, 2016. While the RBI’s reference rate for the Yen stood at 65.95, the reference rate for the Great Britain Pound (GBP) stood at 89.07.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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