Indian rupee strengthened and erased all the morning losses against the US dollar on Wednesday after local equity markets gained in morning trade, ahead of the outcome of the US Federal Reserve meeting. The Federal Open Market Committee is scheduled to conclude its two-day meeting on Wednesday with its statement on monetary policy. Traders do not expect the Fed to raise interest rates, but will watch for indications on the timing of the next hike. On the global front, the yen fell on Wednesday, pressured by expectations of significant monetary stimulus by the Bank of Japan and amid a media report the government will soon unveil a $255 billion stimulus package.
The partially convertible currency is currently trading at 67.24, stronger by 3 paise from its previous close of 67.27 on Tuesday. The currency touched a high and low of 67.3450 and 67.2150 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.37 and for Euro stood at 74.17 on July 26, 2016. While the RBI’s reference rate for the Yen stood at 64.58, the reference rate for the Great Britain Pound (GBP) stood at 88.17.The reference rates are based 64.58 on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 26, 2016 | 67.3680 | 88.1712 |
| July 25, 2016 | 67.2430 | 88.3506 |
