Rupee strengthens further despite a volatile session

Indian rupee made a strong closing on Wednesday despite rounds of volatility witnessed during the day and once came very close to breach the 63 per dollar mark. The domestic currency made a strong start on heavy dollar selling and was equally supported by hopes of corporate related dollar inflow. Furthermore, the international crude prices cooled off on easing geopolitical tensions in Syria, lessening the concern of CAD as the country's import bill will remain in check. In the global markets, the dollar moved higher against the yen, adding to the previous day's rally, while the Sterling index hit eight months high on good jobless data from UK.

Finally the rupee ended at 63.37, stronger by 47 paise from its previous close of 63.84 on Tuesday. The currency touched a high and low of 64.20 and 63.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.90 and for Euro it stood at 84.65 on September 11, 2013. While, the RBI’s reference rate for the Yen stood at 63.68, the reference rate for the Great Britain Pound (GBP) stood at 100.4691. The reference rates are based on 12 noon rates of a few select banks in Mumbai.