Indian rupee appreciated against US dollar on account of fresh selling of the American currency by banks and exporters. Domestic currency got some support after data showed that India’s Wholesale Price Index (WPI) in the month of September 2016 has softened to 3.57 percent as compared to 3.74 percent in the previous month. Also, firm domestic equity market supported the rupee, but the dollar strengthened against some currencies overseas capped the gains. On the global front, dollar rose against yen on Friday, as investors await U.S. retail sales data and remarks from Federal Reserve officials that could cement expectations of a U.S. interest rate hike this year.
Finally, the rupee ended at 66.71, 23 paise stronger from its previous close of 66.94 on Thursday. The currency touched a high and low of 66.89 and 66.70 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.84 and for Euro stood at 73.68 on October 14, 2016. While the RBI’s reference rate for the Yen stood at 64.23, the reference rate for the Great Britain Pound (GBP) stood at 81.48.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
