Indian rupee ended marginally higher on Wednesday, holding its highest level in over a month against the US currency. This is the third consecutive session when the rupee is traded higher against dollar. Sentiments got some support with NITI Aayog Vice Chairman Arvind Panagariya’s statement that India’s GDP could rise to about $8 trillion over the next 15 years if the country registers an economic growth of 8 percent annually and come very close to eliminating abject poverty entirely. Additionally, smart rally in the local equity markets coupled with dollar weakness against some currencies overseas also added to the positive milieu of Indian currency. On the global front, dollar scratched its way up from the 10-month lows hit earlier this week in subdued Wednesday trading that left the US currency advancing against European rivals but still shaky against its Japanese counterpart.
Finally, the rupee ended at 64.28, 5 paise stronger from its previous close of 64.33 on Tuesday. The currency touched a high and low of 64.34 and 64.27 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.32 and for Euro stood at 74.22 on July 19, 2017. While the RBI’s reference rate for the Yen stood at 57.43, the reference rate for the Great Britain Pound (GBP) stood at 83.85. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
