Indian rupee ended marginally higher on Monday due to selling of American currency by banks and exporters. The local currency got some support with report that Finance Ministry officials are expected to pitch a ratings upgrade to Moody’s by stressing upon the various reform initiatives taken by the Narendra Modi government, including the goods and service tax, bankruptcy code, and inflation targeting through the monetary policy committee, among others. Besides, increased foreign fund inflows in the domestic market coupled with dollar weakness against some other currencies overseas, also helped the rupee value against the dollar.
On the global front, dollar fell from a two-week high on Monday, with a stronger oil price the chief theme in a market battening down the hatches ahead of central bank policy meetings in Japan and the United States.
Finally the rupee ended at 66.97, stronger by1 paise from its previous close of 66.98 on Friday. The currency touched a high and low of 66.98 and 66.86 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.87 and Euro stood at 74.68 on September 19, 2016. While the RBI’s reference rate for the Yen stood at 65.54 and the reference rate for the Great Britain Pound (GBP) stood at 87.26.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
