Rupee appreciates 23 paise to 66.70/$

India Infoline News Service | Mumbai | October 14, 2016 17:17 IST

On the economy front, India’s WPI in the month of September 2016 softened to 3.57% compared to 3.74% in the previous month.

The Indian rupee closed higher against US Dollar on sustained dollar selling by exporters amid firm equities. The rupee opened higher against the US dollar on increased selling of the American currency by banks and exporters.

The dollar rose ticking up with Treasury yields and on track for weekly gains, as investors await US retail sales data and remarks from Federal Reserve officials that could cement expectations of a US interest rate hike this year.

On the economy front, India’s WPI in the month of September 2016 softened to 3.57% compared to 3.74% in the previous month. Also, retail inflation eased sharply to 4.31% in September, the slowest in more than a year, from 5.05% from August, mainly on account of a sharp fall in food prices.

The Indian currency ended higher by 23 paise at 66.70/$. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.84 and for the Euro stood at 73.68. The RBI’s reference rate for the Yen stood at 64.23; reference rate for the Great Britain Pound (GBP) stood at 81.4811.

 

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