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Rupee strengthens on fresh selling of American currency by exporters and banks

03 Nov 2015 Evaluate

Indian rupee strengthened against the dollar in early trade on Tuesday on fresh selling of the American currency by exporters and banks. Further, strong opening in the domestic equity markets too supported the rupee uptrend. Traders are cautious ahead of the US employment report which will be out on Friday, for clues as to whether the Federal Reserve will raise interest rates when it meets in December. On the global front, the dollar, euro and yen treaded water on Tuesday in Asia, as the market was quiet with Tokyo on holiday and traders awaiting direction after the latest readings on global manufacturing activity failed to show clear economic trends.

The partially convertible currency is currently trading at 65.46, stronger by 13 paise from its previous close of 65.59 on Monday. The currency touched a high and low of 65.52 and 65.40 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.47 and for Euro stood at 72.21 on November 02, 2015. While, the RBI’s reference rate for the Yen stood at 54.38 the reference rate for the Great Britain Pound (GBP) stood at 101.0608. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

Date 1US$ 1GBP
November 02, 201565.4793101.0608
October 30, 2015 65.223199.9348

(RBI-Reference Rate)

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