Indian rupee strengthened against dollar in early deals on Thursday, reversing its three-day downward trend, on fresh selling of the American currency by exporters. Besides, the dollar’s weakness against some currencies overseas supported the rupee but a weak domestic equity market restricted the gains. The domestic currency had declined sharply in last session on report that Reserve Bank of India Governor Raghuram Rajan did not want second term. On the global front, the yen sat on top of large gains against its peers early on Thursday after surging on risk aversion and disappointment over lack of clear policy guidance by Japan following a decision to delay a consumption tax hike.
The partially convertible currency is currently trading at 67.26, stronger by 19 paise from its previous close of 67.45 on Wednesday. The currency touched a high and low of 67.42 and 67.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.35 and for Euro stood at 74.96 on June 1, 2016. While the RBI’s reference rate for the Yen stood at 61.31, the reference rate for the Great Britain Pound (GBP) stood at 97.5333. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 01, 2016 | 67.3526 | 97.5333 |
| May 31, 2016 | 67.2030 | 98.6540 |
