Indian rupee ended stronger against dollar on Wednesday, due to selling of greenback by banks and exporters. Sentiments remained positive with Prime Minister Narendra Modi’s statement that India has improved upon all the macro-economic indicators over the last three years mainly due to universal banking & universal biometric identification and noted that the fiscal deficit, balance of payments deficit and inflation in the country has reduced, while GDP growth rate, foreign exchange reserves and public capital investments have increased. However, dollar strengthens against other major currencies overseas along with some losses in the domestic equity market weighted on the rupee sentiments. On the global front, dollar held firm against its major rivals, ahead of the release of Federal Reserve meeting minutes that are largely expected to back expectations for another interest-rate hike come June.
Finally, the rupee ended at 64.73, 16 paise stronger from its previous close of 64.89 on Tuesday. The currency touched a high and low of 64.96 and 64.72 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.85 and for Euro stood at 72.47 on May 24, 2017. While the RBI’s reference rate for the Yen stood at 57.96, the reference rate for the Great Britain Pound (GBP) stood at 84.09. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
