Indian rupee strengthened against dollar in early deals on Wednesday on increased selling of the US currency by banks and exporters. Further, a higher opening in domestic equity market and continued foreign funds inflow too supported the local currency. In addition, positive economic data and above normal rains predictions by the weather department also boosted the sentiment. Reports showed industrial production grew 2 percent year-on-year in February after staying negative for the last 3 months, while retail inflation in March fell to a six-month low of 4.83 percent. However, dollar's strength against some currencies overseas capped the rupee's gains. On the global front, the safe-haven Japanese yen slid from recent peaks against the greenback as solid gains in oil prices helped underpin risk appetite.
The partially convertible currency is currently trading at 66.39, stronger by 3 paise from its previous close of 66.42 on Tuesday. The currency touched a high and low of 66.4150 and 66.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.49 and for Euro stood at 75.91 on April 12, 2016. While the RBI’s reference rate for the Yen stood at 61.38, the reference rate for the Great Britain Pound (GBP) stood at 94.7487. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 12, 2016 | 66.4950 | 94.7487 |
| April 11, 2016 | 66.3925 | 93.7860 |
(RBI-Reference Rate)
