Indian rupee strengthened against dollar in early deals on Wednesday on selling of the American currency by exporters and banks. Trading sentiment also got a boost after macro-economic indicators such as GDP numbers and core sector growth showed that the country’s economy has gained momentum. India’s GDP grew 7.9 percent in the January-March quarter of 2015-16, taking the overall economic growth to a five-year high of 7.6 percent for the entire fiscal, mainly on account of good performance of manufacturing and farm sectors. Core infrastructure sectors also grew at an over four-year high rate of 8.5 percent in April, helped by double-digit expansion in refinery products and electricity generation. Further, firm domestic equity market also supported the rupee. On the global front, the dollar sat just below a two-month high against a basket of major currencies on Wednesday after a mixed bag of US economic data slightly tempered expectations of a near-term Federal Reserve rate hike.
The partially convertible currency is currently trading at 67.14, stronger by 12 paise from its previous close of 67.26 on Tuesday. The currency touched a high and low of 67.28 and 67.1150 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.20 and for Euro stood at 74.79 on May 31, 2016. While the RBI’s reference rate for the Yen stood at 60.40, the reference rate for the Great Britain Pound (GBP) stood at 98.6540. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 31, 2016 | 67.2030 | 98.6540 |
| May 30, 2016 | 67.3398 | 98.4373 |
