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Rupee strengthens on fresh selling of American currency by exporters

28 Sep 2015 Evaluate

Indian rupee strengthened against dollar in early deals on Monday on fresh selling of the American currency by exporters. Besides, a higher opening in the domestic equity market too supported the rupee. Though, the US dollar's rise against other currencies, capped the gains. Market participants remain cautious ahead of Reserve Bank of India’s (RBI) bi-monthly policy review tomorrow. The US Federal Reserve’s decision to hold interest rates steady has also given the Indian central bank a window to cut rates without risking market volatility. On the global front, the world's major currencies got off to a slow start on Monday following a relatively uneventful weekend with the dollar showing potential for gains if upcoming data strengthen the case for a hike in interest rates this year. The currency market was closed on Friday on account of Bakri-Id.

The partially convertible currency is currently trading at 66.06, stronger by 9 paise from its previous close of 66.15 on Thursday. The currency touched a high and low of 66.13 and 66.0150 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.09 and for Euro stood at 73.95 on September 24, 2015. While, the RBI’s reference rate for the Yen stood at 55.08, the reference rate for the Great Britain Pound (GBP) stood at 100.8874. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
September 24, 2015 66.0993100.8874
September 23, 201565.9696101.1908

(RBI-Reference Rate)

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