Indian rupee ended stronger against the US dollar on Wednesday on the back of increased selling of the American currency amid continued foreign inflows. Local currency wiped off its early losses as sentiments turned optimistic with the government achieving the upward revised target of tax collection for FY17 and reporting a total tax collection of Rs 17.10 lakh crore during 2016-17 -- an increase of 18 percent over 2015-16 and the highest tax collection in last six years. However, traders remained cautious ahead of the Reserve Bank of India’s Monetary Policy Committee meeting outcome on April 6, 2017, expecting it to maintain status quo on interest rates. On the global front, the dollar came under pressure after North Korea fired a ballistic missile into the sea ahead of a summit between US and Chinese leaders.
Finally, the rupee ended at 64.87, 15 paise stronger from its previous close of 65.02 on Monday. The currency touched a high and low of 65.17 and 64.87 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.04 and for Euro stood at 69.40 on April 05, 2017. While the RBI’s reference rate for the Yen stood at 58.76, the reference rate for the Great Britain Pound (GBP) stood at 80.87.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
