Continuing its rising streak for the second straight day, Indian rupee ended slightly higher against dollar on Tuesday due to sustained selling of the US currency by exporters and banks. Local currency got some support with private survey stating that Indian CEOs are confident about the growth prospects of the country over the next three years, compared to that of global economy. Besides, dollar’s weakness against some currencies overseas supported the rupee, though heavy losses in the equity market capped the further gain. On the global front, dollar sank on Tuesday as two Republican senators rejected their party’s bill repealing Obamacare, effectively killing it and throwing Donald Trump’s economic agenda into doubt.
Finally, the rupee ended at 64.33, 2 paise stronger from its previous close of 64.35 on Monday. The currency touched a high and low of 64.37 and 64.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.33 and for Euro stood at 74.14 on July 18, 2017. While the RBI’s reference rate for the Yen stood at 57.39, the reference rate for the Great Britain Pound (GBP) stood at 84.29. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
