Rupee ends stronger against US dollar

Indian rupee ended stronger against dollar on Tuesday due to selling of American currency by banks and exporters. Sentiments got some support ahead of Finance Minister Arun Jaitley’s meeting with his counterparts in states to discuss proposed amendments to the GST Bill and with Minister of State for Finance Arjun Ram Meghwal stating that Government is working overtime to build a consensus on the long-pending Goods and Services Tax bill with the hope of getting it passed during the ongoing Parliament session. On the global front, dollar slipped ahead of a two-day Federal Reserve policy meeting this week, which will be closely watched for clues on the outlook for US interest rates.

Finally, the rupee ended 67.27, 8 paise stronger from its previous close at 67.35 on Monday. The currency touched a high and low of 67.42 and 67.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.37 and for Euro stood at 74.17 on July 26, 2016. While the RBI’s reference rate for the Yen stood at 64.58, the reference rate for the Great Britain Pound (GBP) stood at 88.17.The reference rates are based 64.58 on 12 noon rates of a few select banks in Mumbai.