Snapping three days losing streak, Indian rupee appreciated against dollar on Tuesday due to increased selling of American currency by exporters and banks. Besides, dollar weakness against other major currencies too supported the domestic currency. Sentiments also got some support with President Pranab Mukherjee’s statement that Indian economy has revived and is poised to achieve a growth rate of 7.5 per cent in the next two years. However, investors remained cautious ahead of a widely anticipated speech by the Fed chief at the central bank’s annual meeting in Jackson Hole scheduled on August 26. On the global front, yen stronger against dollar, as investors shifted their focus away from hawkish remarks on US interest rates by Federal Reserve officials.
Finally the rupee ended at 67.06, stronger by 12 paise from its previous close of 67.18 on Monday. The currency touched a high and low of 67.16 and 67.04 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.09 and for Euro stood at 76.04 on August 23, 2016. While the RBI’s reference rate for the Yen stood at 67.03, the reference rate for the Great Britain Pound (GBP) stood at 88.29.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
