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

08 Jan 2016 Evaluate

Indian rupee strengthened against dollar in early deals on Friday on account of fresh selling of the American currency by exporters and banks. Further, gains in the domestic equity markets and Asian currencies market too supported the rupee. Asian currencies gained as Chinese stocks rallied after authorities decided to abandon a circuit-breaker system that triggered an early close to trading twice in the week. The central bank also set the yuan guidance rate higher to calm markets. Though, dollar’s strength against other currencies overseas capped the gains. On the global front, the yen reversed course and sagged against the dollar while the Australian dollar rebounded on Friday after the People's Bank of China (PBOC) set a higher yuan guidance rate for the first time in nine days.

The partially convertible currency is currently trading at 66.67, stronger by 26 paise from its previous close of 66.93 on Thursday. The currency touched a high and low of 66.75 and 66.5950 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 72.37 on January 07, 2016. While, the RBI’s reference rate for the Yen stood at 56.78 the reference rate for the Great Britain Pound (GBP) stood at 97.8514. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 07, 201666.911597.8514
January 06, 201666.716597.7730

(RBI-Reference Rate)

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