Snapping a straight six-session downtrend, Indian rupee ended marginally higher against the Greenback on Tuesday, on the back of fresh dollar selling by exporters and some banks. Traders took some support with World Bank’s statement that India retained the top position as recipient of remittances with its diaspora sending about $69 billion back home last year. Remittances to India picked up sharply by 9.9 per cent, reversing the previous year’s dip, but were still short of $70.4 billion received in 2014. Investors also took note of report that several Thailand-based companies which are operating in India plan to invest around $3 billion in the next three years period in the areas of green and brown field projects including energy, infrastructure and metals. Moreover, positive gains in the domestic equities too supported the domestic unit. On the global front, dollar extended gains against its main peers and most other currencies on Tuesday as rising US bond yields fan speculation of a sharp rise in interest rates.
Finally, the rupee ended at 66.38, 10 paise stronger from its previous close of 66.48 on Monday. The currency touched a high and low of 66.46 and 65.29 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.36 and for Euro stood at 81.05 on April 24, 2018. While the RBI’s reference rate for the Yen stood at 60.98, the reference rate for the Great Britain Pound (GBP) stood at 92.50. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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