Indian rupee strengthened against US dollar on Wednesday, on increased selling of the American currency by exporters and banks. Sentiments remained positive with Finance Minister Arun Jaitley’s statement that the Indian economy is on a strong wicket with sound macro-economic fundamentals. He added that India has been the fastest growing major economy for the last three years and the attempt is to maintain high growth rate in coming years. Besides, sustained foreign capital inflows into equity markets also boosted the rupee against dollar. On the global front, dollar got a lift on Wednesday after a report that Republican senators were leaning towards John Taylor to be the next Federal Reserve chief, while share markets turned flat after a run of highs.
Finally, the rupee ended at 64.90, 16 paise stronger from its previous close of 65.06 on Tuesday. The currency touched a high and low of 65.19 and 64.89 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.13 and for Euro stood at 76.59 on October 25, 2017. While the RBI's reference rate for the Yen stood at 57.19, the reference rate for the Great Britain Pound (GBP) stood at 85.48. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
