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Rupee strengthens on increased selling of US currency by exporters and banks

17 Mar 2016 Evaluate

Indian rupee strengthened against dollar in early deals on Thursday on increased selling of the US currency by exporters and banks amidst higher opening in the domestic equity market. Besides, weakness in the dollar against other currencies overseas after the Federal Reserve signaled slower pace of interest rate hike, supported the rupee. The Fed has kept rates unchanged and indicated moderate US economic growth and ‘strong job gains’ would allow it to tighten policy this year with fresh projections showing policymakers expected two quarter-point hikes by the year’s end, half the number seen in December.

The partially convertible currency is currently trading at 66.90, stronger by 35 paise from its previous close of 67.25 on Wednesday. The currency touched a high and low of 66.9550 and 66.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.36 and for Euro stood at 74.75 on March 16, 2016. While the RBI’s reference rate for the Yen stood at 59.40, the reference rate for the Great Britain Pound (GBP) stood at 95.1708. The reference rates are based on 12 noon rates of a few select banks in Mumbai

Date1US$1GBP
March 16, 201667.3680 95.1708
March 15, 201667.229095.9223

(RBI-Reference Rate)

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