Indian rupee, after making a good start, gave away most of its gains and ended a bit stronger against dollar on Monday, on account of dollar selling by banks and exporters. Local currency got some support with Finance Minister Arun Jaitley’s statement that India will launch a new national Goods and Services Tax (GST) as planned on July 1 and gave return filing breather to India Inc for two months. The rupee sentiments were also buoyed by firm equities, but the dollar's strength against other currencies overseas restricted the rupee's gains. On the global front, dollar steadied against a basket of currencies on Monday, as investors awaited comments by a top Federal Reserve official for clues on whether recent strength can be sustained.
Finally, the rupee ended at 64.42, 1 paise stronger from its previous close of 64.43 on Friday. The currency touched a high and low of 64.43 and 64.32 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.37 and for Euro stood at 72.10 on June 19, 2017. While the RBI’s reference rate for the Yen stood at 57.98, the reference rate for the Great Britain Pound (GBP) stood at 82.20. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
