Indian rupee recovering from the early losses ended slightly higher on Wednesday, supported by fund inflow with local equity markets closing at record high levels and Nifty for the first time ending above 10000 mark. Earlier, the domestic currency made a soft start extending the weakness to another day on account of buying of American currency by banks and importers. There was some cautiousness ahead of the Federal Open Market Committee meeting outcome later in the day. On the global front, the dollar edged higher against the other major currencies on Wednesday, as investors were awaiting the Federal Reserve’s policy decision, while the pound was slightly lower against the U.S. dollar.
Finally, the rupee ended at 64.36, 2 paise stronger from its previous close of 64.38 on Tuesday. The currency touched a high and low of 64.44 and 64.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.42 and for Euro stood at 74.92 on July 26, 2017. While the RBI’s reference rate for the Yen stood at 57.56, the reference rate for the Great Britain Pound (GBP) stood at 83.83. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
