Indian rupee after making a flat start, recouped substantial ground and was holding strong against dollar on Thursday on fresh selling of the US currency by exporters and banks in view of American currency’s weakness overseas, though negative local equities limited further gains of the local unit. Nevertheless, the gains of other Asian currencies also aided the sentiment. On the global front, dollar stepped back in Asian trade on Thursday, but held close to a two week high against the basket of major currencies as investors focused on the pace of US Federal Reserve’s coming interest rate hikes.
The partially convertible currency is currently trading at 63.73, stronger by 9 paise from its previous close of 63.82 on Wednesday. The currency touched a high and low of 63.82 and 63.64 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.86 and for Euro stood at 70.73 on May 20, 2015. While, the RBI’s reference rate for the Yen stood at 52.76, the reference rate for the Great Britain Pound (GBP) stood at 98.8893. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 20, 2015 | 63.86 | 98.8893 |
May 19, 2015 | 63.68 | 99.7272 |
(RBI-Reference Rate)