Indian rupee strengthened against the US dollar on Monday as exporters and banks stepped up selling of the American currency. Rupee improved further tracking the gains in the global equity and currencies markets. Most of the Asian currencies were trading higher, bolstered by election results in Japan and Australia and shrugging off concerns that a strong US jobs report might push the US Federal Reserve closer to hiking rates. Furthermore, a strong opening in domestic equity markets beefed up the rupee, but dollar’s strength against some other currencies overseas following bigger-than-expected jump in US job creation capped rupee’s gains.
The partially convertible currency is currently trading at 67.16, stronger by 21 paise from its previous close of 67.37 on Friday. The currency touched a high and low of 67.17 and 66.9475 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.45 and for Euro stood at 74.71 on July 8, 2016. While, the RBI’s reference rate for the Yen stood at 67.15, the reference rate for the Great Britain Pound (GBP) stood at 87.3182. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 08, 2016 | 67.4584 | 87.3182 |
| July 07, 2016 | 67.4972 | 87.6114 |
