Indian rupee ended marginally higher against the American currency on Tuesday on continued dollar selling by banks and exporter. Though, trades were thin as public sectors banks were on strike. Investors took some support with report that Foreign Direct Investment (FDI) into the country grew by 37% to $10.4 billion during the first quarter of the current fiscal. According to DIPP, India had received $7.59 billion FDI during April-June 2016-17. The domestic unit also found some support from dollar weakened overseas along with gains in the local equity markets. On the global front, dollar pushed higher against a basket of the other major currencies on Tuesday as investors awaited the annual gathering of central bankers in Jackson Hole later this week for clues on how policymakers view the economy.
Finally, the rupee ended at 64.10, 3 paise stronger from its previous close of 64.13 on Monday. The currency touched a high and low of 64.14 and 64.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.10 and for Euro stood at 75.64 on August 22, 2017. While the RBI’s reference rate for the Yen stood at 58.69, the reference rate for the Great Britain Pound (GBP) stood at 82.59. The reference rates are based on 12 noon rates of a few select banks in Mumbai
