Indian rupee ended marginally stronger against the US dollar on Wednesday on fresh selling of American currency by banks and exporters. Local currency got some support after the latest edition of the Global Competitiveness Index of World Economic Forum (WEF) indicated that India is the second most competitive BRICS economy and will grow faster than China this year. The report showed India’s competitiveness improved the fastest in 2015-16, jumping 16 places to rank 39th among 138 countries on the index. However, FIIs selling in domestic equity market capped the rupee gains. On the global front, the dollar rose against the yen and a basket of currencies, with the focus shifting to Federal Reserve chair Janet Yellen's semi-annual testimony before a Congressional committee later in the day.
Finally, the rupee ended at 66.47, 1 paise stronger from its previous close of 66.48 on Tuesday. The currency touched a high and low of 66.49 and 66.44 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.45 and for Euro stood at 74.46 on September 28, 2016. While the RBI’s reference rate for the Yen stood at 66.09, the reference rate for the Great Britain Pound (GBP) stood at 86.48.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
