Indian rupee ended unchanged compared to its previous close as investors remained cautious ahead of policy decision of US Federal Reserve which is widely anticipated that Fed will leave the price of money unchanged for ninth-straight month. Dollar strengthened against other currencies overseas also dampened the rupee sentiment. However, domestic currency got some support from global rating agency Moody’s statement that it could upgrade India's rating in 1-2 years if it is convinced that reforms are 'tangible', though it has called the reform process slow and gradual with muted private investment and NPAs posing a challenge. It said that it has a positive outlook on India. On the global front, yen weakened against dollar after the Bank of Japan decided to adopt a target for long-term interest rates in an overhaul of its massive monetary stimulus programme.
Finally, the rupee ended unchanged from its previous close of 67.02 on Tuesday. The currency touched a high and low of 67.15 and 66.98 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.06 and for Euro stood at 74.69 on September 21, 2016. While the RBI’s reference rate for the Yen stood at 65.49, the reference rate for the Great Britain Pound (GBP) stood at 87.01.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
