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Rupee trades strong on fresh dollar selling

20 Feb 2015 Evaluate

Indian rupee resumed trade on stronger note on Friday on fresh selling of the American currency by exporters. Forex markets remained closed on Thursday on account of 'Chatrapathi Shivaji Maharaj Jayanti'. However, dollar's strength against other currencies overseas and negative local equities limited the rise. On the global front, dollar held firm on Friday after upbeat US jobless claims data made views swing back in favour of an earlier rate hike by Federal Reserve, while the euro stayed under pressure ahead of a crunch meeting on Greece’s bailout programme.

The partially convertible currency is currently trading at 62.24, stronger by 10 paise from its previous close of 62.34 on Wednesday. The currency touched a high and low of 62.28 and 62.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.24 and for Euro stood at 71.00 on February 18, 2015. While, the RBI’s reference rate for the Yen stood at 52.32, the reference rate for the Great Britain Pound (GBP) stood at 95.5710. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
February 18, 201562.24 95.5710
February 16, 201562.22 95.9968

(RBI-Reference Rate)

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