Indian rupee strengthened against dollar in early deals on Friday, on fresh selling of the American currency by exporters and banks. Besides, strong opening in domestic equity markets, tracking firm global markets following hints of further stimulus from the European Central Bank (ECB), helped the rupee gain. Further, hopes that a rebound in crude oil prices globally may halt outflows from emerging markets (EMs), too improved the rupee sentiment. Though, dollar's strength against other currencies overseas limited the gains. On the global front, the dollar firmed against a basket of currencies on Friday, as rising expectations of monetary easing by other major central banks offset fading chances of more rate hikes from the Federal Reserve.
The partially convertible currency is currently trading at 67.75, stronger by 28 paise from its previous close of 68.03 on Thursday. The currency touched a high and low of 67.84 and 67.72 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.06 and for Euro stood at 74.16 on January 21, 2016. While the RBI’s reference rate for the Yen stood at 58.30, the reference rate for the Great Britain Pound (GBP) stood at 96.5567. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 21, 2016 | 68.06 | 96.5567 |
| January 20, 2016 | 67.9774 | 96.2016 |
(RBI-Reference Rate)
