Indian rupee strengthened against dollar in early deals on Wednesday on fresh selling of the American currency by exporters and banks. Further, a higher opening in the domestic equity market also supported the rupee. Though, weak economic data and dollar’s strength against other currencies overseas limited the gains. Data showed India’s Index of Industrial Production (IIP) contracted 3.2% in November after rising to a five-year high in the previous month, while retail inflation accelerated to a 15-month high of 5.61% in December against 5.41% in the preceding month. On the global front, the dollar and risk-sensitive currencies recovered ground against the yen and the euro on Wednesday after China's central bank held the yuan steady and better than expected Chinese trade data helped reduce some of bearishness toward the world's second largest economy.
The partially convertible currency is currently trading at 66.75, stronger by 12 paise from its previous close of 66.87 on Tuesday. The currency touched a high and low of 66.75 and 66.7250 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.89 and for Euro stood at 72.74 on January 12, 2016. While, the RBI’s reference rate for the Yen stood at 56.91 the reference rate for the Great Britain Pound (GBP) stood at 97.1518. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 12, 2016 | 66.8905 | 97.1518 |
| January 11, 2016 | 66.7885 | 97.0570 |
(RBI-Reference Rate)
