Indian rupee strengthened substantially on Wednesday on increased foreign capital inflows. Besides, dollar's weakness against other currencies overseas, gains in domestic stock market, supported the rupee. However, month-end dollar demand and caution ahead of budget 15-16 could limit gains of local unit going further in the session. Meanwhile, in what could be a mood dampener, Moody’s Investor Service said on Wednesday that its assessment of India's credit ratings will be determined mainly by the extent of its fiscal reforms, not recent revisions to its economic growth data. On the global front, dollar edged down against the yen on Wednesday after Federal Reserve Chair Janet Yellen suggested the Fed won't be rushed into kicking off the U.S. interest rate tightening cycle.
The partially convertible currency is currently trading at 62.06, stronger by 14 paise from its previous close of 62.20 on Tuesday. The currency touched a high and low of 62.07 and 62.02 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.27 and for Euro stood at 70.60 on February 24, 2015. While, the RBI’s reference rate for the Yen stood at 52.24, the reference rate for the Great Britain Pound (GBP) stood at 96.2099. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
| February 24, 2015 | 62.27 | 96.2099 |
| February 23, 2015 | 62.18 | 95.7071 |
(RBI-Reference Rate)
