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Rupee strengthens against dollar in early deals on Wednesday

27 Apr 2016 Evaluate

Indian rupee strengthened marginally against dollar in early deals on Wednesday, due to dollar’s weakness against some currencies in the global market following weaker-than-expected durable goods orders data. Meanwhile, market participants remain cautious ahead of the US Federal Reserve’s policy outcome, which limited gains in rupee. On the global front, the Australian dollar tumbled on Wednesday after surprisingly soft local inflation data, while the dollar and yen were on the defensive after a broad retreat overnight ahead of policy decisions by both the Federal Reserve and Bank of Japan.

The partially convertible currency is currently trading at 66.49, stronger by 3 paise from its previous close of 66.52 on Tuesday. The currency touched a high and low of 66.5950 and 66.4850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.73 and for Euro stood at 75.18 on April 26, 2016. While the RBI’s reference rate for the Yen stood at 60.22, the reference rate for the Great Britain Pound (GBP) stood at 96.7695. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
April 26, 201666.733096.7695
April 25, 201666.683996.3249

(RBI-Reference Rate)

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