Indian rupee strengthened against the dollar in early trade on Tuesday on persistent foreign fund inflows and fresh selling of the US currency by banks and exporters. Besides, a higher opening in domestic equity market and a weak dollar against other currencies overseas also supported the rupee. Rupee improved further after the RBI governor Raghuram Rajan said that the prevailing level of rupee is pretty reasonable and any step taken to devalue it further may trigger inflationary pressures. On the global front, the dollar sagged against the yen on Tuesday as investors took profit after its recent rally, while the kiwi was dented by bets New Zealand's central bank could cut interest rates next month.
The partially convertible currency is currently trading at 67.16, stronger by 3 paise from its previous close of 67.19 on Monday. The currency touched a high and low of 67.2275 and 67.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.10 and for Euro stood at 74.16 on July 18, 2016. While the RBI’s reference rate for the Yen stood at 63.51, the reference rate for the Great Britain Pound (GBP) stood at 88.6881. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 18, 2016 | 67.1015 | 88.6881 |
| July 15, 2016 | 67.0655 | 89.9281 |
