Indian rupee strengthened against dollar in early deals on Friday on increased selling of the US currency by exporters and banks amid higher foreign inflows. Further, weakening dollar against other currencies overseas and a higher opening in the domestic equity market too supported the rupee. Meanwhile, traders were cautious ahead of the gross domestic product (GDP) data which is due next week. On the global front, the dollar stayed in consolidation mode on Friday after its rally to two-month highs ran out of steam with bulls looking for fresh guidance from the head of the US central bank.
The partially convertible currency is currently trading at 67.12, stronger by 5 paise from its previous close of 67.17 on Thursday. The currency touched a high and low of 67.1225 and 67.04 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.28 and for Euro stood at 75.21on May 26, 2016. While the RBI’s reference rate for the Yen stood at 61.34, the reference rate for the Great Britain Pound (GBP) stood at 98.9501. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 26, 2016 | 67.2855 | 98.9501 |
| May 25, 2016 | 67.4467 | 98.5599 |
