Indian rupee ended marginally stronger against dollar for the second straight day on Wednesday, owing to dollar sale by exporters and banks. Local currency got some support with the report that the wholesale price index based inflation eased to 2.17 percent in May this year from 3.85 percent in April, as prices of fuel and food articles declined. Some support also came with the report that the government is working on a new industrial policy to promote and develop frontier technologies, innovation and enhance competitiveness of domestic products. Moreover, some gains in the domestic equity markets too supported the domestic unit but the dollar strengthened against some currencies overseas capped further gains. On the global front, dollar steadied against yen on Wednesday, ahead of a Federal Reserve policy statement widely expected to raise interest rates for the third time in six months but also to signal doubts over how soon it may make its next move.
Finally, the rupee ended at 64.29, 5 paise stronger from its previous close of 64.34 on Tuesday. The currency touched a high and low of 64.36 and 64.23 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.31 and for Euro stood at 72.12 on June 14, 2017. While the RBI’s reference rate for the Yen stood at 58.45, the reference rate for the Great Britain Pound (GBP) stood at 82.10. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
