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Rupee ends little change against dollar on Wednesday

15 Feb 2017 Evaluate

Indian rupee ended marginally stronger against the US dollar on Wednesday on fresh selling of American currency by banks and exporters. Domestic currency got some support with India Ratings and Research (Ind-Ra) latest report that the Indian economy is likely to grow by 7.4 percent in the next fiscal year. However, there was some cautiousness too with the US Federal Reserve Chair Janet Yellen hint at a likely rate hike in the forthcoming policy review. In her semi-annual monetary policy testimony before the Senate Banking Committee, Yellen said that the Fed will probably need to raise interest rates at an upcoming meeting in March and that delaying rate increases could leave the Fed's policymaking committee behind the curve. Besides, a weak domestic equity market too kept pressure on the domestic currency.

Finally, the rupee ended at 66.91, 1 paise stronger from its previous close of 66.92 on Tuesday. The currency touched a high and low of 66.95 and 66.88 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 70.82 on February 15, 2017. While the RBI’s reference rate for the Yen stood at 58.56, the reference rate for the Great Britain Pound (GBP) stood at 83.41.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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