Indian rupee strengthened against the dollar in early trade on Wednesday on increased selling of the US currency by exporters and banks amid higher foreign fund inflows. Expectations of more foreign capital inflows in view of robust domestic equities boosted the rupee value against the dollar. Meanwhile, RBI in its bi monthly monetary policy review on Tuesday left its key policy rate unchanged. It left its benchmark repo rate unchanged at 6.50%. On the global front, the dollar bloc currencies such as the Australian and Canadian dollars held on to large gains on Wednesday, supported by monetary policy expectations and higher commodity prices, while the US dollar treaded water against the yen and euro.
The partially convertible currency is currently trading at 66.74, stronger by 4 paise from its previous close of 66.78 on Tuesday. The currency touched a high and low of 66.80 and 66.6775 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.83 and for Euro stood at 75.91 on June 07, 2016. While the RBI’s reference rate for the Yen stood at 62.10, the reference rate for the Great Britain Pound (GBP) stood at 96.9376. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 07, 2016 | 66.8305 | 96.9376 |
| June 06, 2016 | 66.9614 | 96.1700 |
