Indian rupee after making a positive start managed a modestly positive close on Wednesday, recovering some ground from its last session fall, on back of selling of American currency by banks and exporters. The domestic currency got the support of dollar’s weakness against major world currencies overseas. A strong domestic equity market too propped up the rupee sentiment in early trade, as the local markets made a strong come back from last session fall, however the rupee pared most of the gains in final hours on increased month end dollar demand from importers. On the global front, the dollar recovered from a four-month low against the Japanese yen on Wednesday as investors’ worries over North Korea’s latest missile test eased, boosting appetite for riskier assets.
Finally, the rupee ended at 64.01, 1 paise stronger from its previous close of 64.02 on Tuesday. The currency touched a high and low of 64.00 and 63.87 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.94 and for Euro stood at 76.45 on August 30, 2017. While the RBI’s reference rate for the Yen stood at 58.16, the reference rate for the Great Britain Pound (GBP) stood at 82.62. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
