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MY: Rupee snaps two day losing streak, ends stronger on Wednesday
 
Snapping its two day losing streak Indian rupee bounced back against dollar on Thursday on the back of selling of American currency by banks and exporters. The domestic currency was in the positive terrain from the very beginning supported by the smart rally in the local equity market. The sentiments were on optimistic note with Chief Economic Adviser Arvind Subramanian’s statement that inflation is completely under control and it is well within the target of the Reserve Bank. On the global front, yen gained almost half a percent against the dollar on Thursday after the Bank of Japan kept policy steady.
Finally, the rupee ended at 66.18, 12 paise stronger from its previous close of 66.30 on Wednesday. The currency touched a high and low of 66.23 and 66.074 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.11 and for Euro stood at 70.77 on November 19, 2015. While, the RBI’s reference rate for the Yen stood at 53.62 the reference rate for the Great Britain Pound (GBP) stood at 100.0301. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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