Indian rupee ended stronger against dollar on Wednesday on account of sustained selling of American currency by banks and importers. Local currency got some support from a private report stating that the global economic order is expected to shift from advanced to emerging economies over the next few decades and by 2040 India could edge past the US to become the world's second largest economy in purchasing power parity (PPP) terms. Rupee strengthened further despite the Monetary Policy Committee of the Reserve Bank of India, headed by Urjit Patel, unanimously decided to hold the key repo rate at 6.25 percent and reverse repo rate at 5.75 percent. On the global front, euro slipped against dollar, pressured by political woes in Europe ahead of elections that checked its recent ascent against the dollar.
Finally, the rupee ended at 67.18, 24 paise stronger from its previous close of 67.42 on Tuesday. The currency touched a high and low of 67.37 and 67.18 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.30 and for Euro stood at 71.87 on February 08, 2017. While the RBI’s reference rate for the Yen stood at 59.94, the reference rate for the Great Britain Pound (GBP) stood at 84.16.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
