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Rupee strengthens on American currency’s weakness overseas

18 Jun 2015 Evaluate

Indian rupee was trading firm on Thursday against the dollar in early trade after the American currency weakened overseas amid sustained selling of the greenback by exporters and banks. Furthermore, a higher opening of the domestic equity market too influenced the uptrend in the rupee. On the global front, the dollar hit a one-month low on Thursday, staying on the defensive after the head of the Federal Reserve disappointed some who had hoped for a clearer signal on when the central bank will lift interest rates.

The partially convertible currency is currently trading at 63.84, stronger by 27 paise from its previous close of 64.11 on Wednesday. The currency touched a high and low of 63.92 and 63.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.11 and for Euro stood at 72.16 on June 17, 2015. While, the RBI’s reference rate for the Yen stood at 51.91, the reference rate for the Great Britain Pound (GBP) stood at 100.3184. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 17, 201564.1135100.3184
June 16, 2015 64.1505 100.0363

(RBI-Reference Rate)