Indian rupee strengthened against US dollar in early trade on Tuesday after Reserve Bank of India (RBI) in its monetary policy review left its key rates unchanged. The currency market was expected to take cues from its comments on the macro economy, which sounded a bit dovish. RBI has kept Repo rates unchanged at 7.25% and CRR at 4% in its Third Bi-monthly Monetary Policy Review, 2015-16. RBI will continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75 per cent of NDTL of the banking system through auctions; and it will continue with daily variable rate repos and reverse repos to smooth liquidity. Earlier, the higher opening in the domestic equity market and bout of dollar selling by exporters had supported the rupee.
The partially convertible currency is currently trading at 63.92, stronger by 12 paise from its previous close of 64.04 on Monday. The currency touched a high and low of 64.09 and 63.88 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.96 and for Euro stood at 70.16 on August 03, 2015. While, the RBI’s reference rate for the Yen stood at 51.56, the reference rate for the Great Britain Pound (GBP) stood at 99.9347. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| August 03, 2015 | 63.9623 | 99.9347 |
| July 31, 2015 | 64.0054 | 99.8356 |
(RBI-Reference Rate)
