Extending its gains for the second straight session, Indian rupee strengthened against dollar on Tuesday due to sustained selling of the US currency by exporters and banks. Traders took some support with report that Cabinet cleared four supporting GST legislations, paving the way for their introduction in Parliament. Once approved by Parliament, the states would start taking their SGST bill for discussion and passage in the respective state assemblies. Though, weak trade in the local equity market capped some gains. On the global front, dollar slipped against yen after Chicago Federal Reserve President Charles Evans reinforced the perception that the US central bank won't accelerate the pace of its interest rate hikes.
Finally, the rupee ended at 65.28, 8 paise stronger from its previous close of 65.36 on Monday. The currency touched a high and low of 65.45 and 65.21 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.31 and for Euro stood at 70.29 on March 21, 2017. While the RBI’s reference rate for the Yen stood at 57.95, the reference rate for the Great Britain Pound (GBP) stood at 80.62.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
