Rupee concludes stronger on sustained dollar sales

Indian rupee appreciated against dollar on Thursday on account of sustained selling of the American currency by exporters and banks amid increased foreign funds inflows. Besides, positive local equity markets also supported the rupee sentiment. However, the dollar’s strength against other currencies overseas capped the gains. On the global front, the dollar edged higher against the basket of major currencies overseas, as investors awaited the release of U.S. economic reports later in the day amid growing uncertainty over a possible U.S. rate hike before the end of the year.

Finally, the rupee ended at 65.51, 7 paise stronger from its previous close of 65.58 on Wednesday. The currency touched a high and low of 65.67 and 65.49 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.55 and for Euro stood at 73.07 on October 1, 2015. While, the RBI’s reference rate for the Yen stood at 54.54, the reference rate for the Great Britain Pound (GBP) stood at 99.1701. The reference rates are based on 12 noon rates of a few select banks in Mumbai.