Indian rupee strengthened against dollar in early deals on Tuesday on increased selling of the American unit by exporters amid fresh foreign fund inflows. Further, weak dollar against other currencies overseas and a firm domestic equity market also supported the rupee. Meanwhile, there is a strong perception that Reserve Bank of India will trim the interest rates by 25bps at the monetary policy review meeting on September 29th. Dovish US Fed policy statement and moderating Indian inflationary scenario will compel RBI to act on the interest rates.
The partially convertible currency is currently trading at 65.61, stronger by 12 paise from its previous close of 65.73 on Monday. The currency touched a high and low of 65.69 and 65.5550 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.75 and for Euro stood at 74.37 on September 21, 2015. While, the RBI’s reference rate for the Yen stood at 54.83, the reference rate for the Great Britain Pound (GBP) stood at 102.1672. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| September 21, 2015 | 65.7531 | 102.1672 |
| September 18, 2015 | 65.9255 | 102.7515 |
(RBI-Reference Rate)
