| Date: |
15-07-2016 |
| Subject: |
Rupee opens marginally higher at 66.88/$ |
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The Indian rupee opened higher by three paise at 66.88/$ against US Dollar Friday as against the previous close of 66.91/$. On the other hand, the India's wholesale price index (WPI) rose 1.62% YoY in the month of June as compared to 0.79% in May.
On the global front, Sterling surged well above 1.34 level against the greenback. The currency derived cues from Britain FM’s assurance that government is open to more fiscal spending and will initiate all necessary measures to restore confidence in the economy. The Bank of England has held the UK's main interest rate at 0.5% despite speculation that it would cut rates.The Monetary Policy Committee (MPC) voted 8-1 to leave rates unchanged, but minutes of the meeting showed most members expect the Bank will take some action next month.
The Indian currency ended higher by 14 paise at 66.91/$. The local unit had hit a high of 66.96 and a low of 67.15. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 74.35. The RBI’s reference rate for the Yen stood at 64.38; reference rate for the Great Britain Pound (GBP) stood at 88.5468.
Source : indiainfoline.com
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