Indian rupee strengthened against dollar in early deals on Wednesday, breaking its five-day losing streak on fresh selling of the American currency by exporters and banks. Further, dollar’s weakness against other currencies overseas as falling oil prices renewed low inflation concerns ahead of the Federal Reserve’s interest rate decision next week, too supported the rupee. The domestic currency inched up despite prevailing concerns over a steep fall in Brent crude price to below $40 a barrel level, which would potentially trigger further outflows from emerging market (EM) funds. However, a lower opening of the domestic equity market, capped the gains.
The partially convertible currency is currently trading at 66.73, stronger by 11 paise from its previous close of 66.84 on Tuesday. The currency touched a high and low of 66.8350 and 66.72 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.79 and for Euro stood at 72.51 on December 08, 2015. While, the RBI’s reference rate for the Yen stood at 54.27 the reference rate for the Great Britain Pound (GBP) stood at 100.4914. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 08, 2015 | 66.7983 | 100.4914 |
| December 07, 2015 | 66.6263 | 100.6524 |
(RBI-Reference Rate)
