Indian rupee strengthened against dollar in early trade on Tuesday on account of sustained selling of the American currency by exporters and banks. Besides, a strong opening in the domestic equity market and higher Asian currencies markets also boosted the sentiment. Furthermore, data showed India’s trade deficit narrowed to an eight-month low due to declining international crude oil prices, too supported the domestic currency. But, the dollar’s strength against other currencies overseas as investors continue to expect an interest rate hike from the Federal Reserve, capped some gains. On the global front, the dollar rose to seven-month highs in Asian trading on Tuesday as investors turned their focus from the Paris attacks to growing expectations that the US Federal Reserve is poised to hike interest rates next month.
The partially convertible currency is currently trading at 65.95, stronger by 5 paise from its previous close of 66.00 on Monday. The currency touched a high and low of 65.9625 and 65.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.16 and for Euro stood at 70.97 on November 16, 2015. While, the RBI’s reference rate for the Yen stood at 54.05 the reference rate for the Great Britain Pound (GBP) stood at 100.6563. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 16, 2015 | 66.1690 | 100.6563 |
| November 13, 2015 | 66.1390 | 100.5511 |
(RBI-Reference Rate)
