Rupee snaps two-day losing streak; ends stronger on Wednesday

Indian rupee snapped its two-day’s depreciating streak and ended stronger against dollar on Wednesday ahead of the Consumer Price Index (CPI) inflation and index of industrial production (IIP) data due to be scheduled on Thursday. Besides, incremental selling of greenback by banks and exporters and dollar's weakness against the basket of major currencies overseas too supported rupee. The domestic currency recouped all its early losses to end stronger. However, negative local equities capped the gains in rupee. On the global front, dollar was sharply lower against the yen on Wednesday, hurt by profit-taking after the greenback’s recent strength.

Finally, the rupee ended at 66.56, 11 paise stronger from its previous close at 66.67 on Tuesday. The currency touched a high and low of 66.84 and 66.56 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.69 and for Euro stood at 75.96 on May 11, 2016. While the RBI’s reference rate for the Yen stood at 61.43, the reference rate for the Great Britain Pound (GBP) stood at 96.4355. The reference rates are based on 12 noon rates of a few select banks in Mumbai.