Indian rupee strengthened against the US dollar in early trade on Thursday after the Fed minutes of recent policy meet suggested that the US Federal Reserve was unsure over the path of future rate hikes amid weakness in jobs data and global worries. The rupee recovered further on fresh selling of the US currency by banks and exporters amid foreign fund inflows. A firm domestic equity market and a weak dollar against some currencies overseas also made the rupee stronger. The forex market had remained closed yesterday on account of Eid-Ul-Fitr. On the global front, the Australian dollar withered after Standard and Poor's cut the outlook for the country's credit rating to negative on Thursday, while the safe-haven yen firmed in the fallout from Britain's vote last month to exit the European Union.
The partially convertible currency is currently trading at 67.44, little changed from its previous close of 67.45 on Tuesday. The currency touched a high and low of 67.4750 and 67.4075 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.40 and for Euro stood at 75.03 on July 5, 2016. While, the RBI’s reference rate for the Yen stood at 66.06, the reference rate for the Great Britain Pound (GBP) stood at 89.1537. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 05, 2016 | 67.4028 | 89.1537 |
| July 04, 2016 | 67.1848 | 89.3020 |
