Indian rupee strengthened against US dollar in early deals on Wednesday on increased selling of the American currency by exporters and banks amidst continued foreign fund inflows. Besides, higher opening in the domestic equity market too supported the rupee. Also, dollar’s weakness against its rivals overseas after the US Federal Reserve Chair Janet Yellen signalled that a rate hike was not likely before June, supported rupee. In a speech to the Economic Club of New York, Yellen stressed the need to be cautious in raising rates and highlighted external risks including low oil prices and slower growth abroad.
The partially convertible currency is currently trading at 66.41, stronger by 13 paise from its previous close of 66.54 on Tuesday. The currency touched a high and low of 66.5050 and 66.35 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 74.47 on March 29, 2016. While the RBI’s reference rate for the Yen stood at 58.58, the reference rate for the Great Britain Pound (GBP) stood at 94.6654. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 29, 2016 | 66.5580 | 94.6654 |
| March 28, 2016 | 66.6680 | 94.3019 |
(RBI-Reference Rate)
