Indian rupee strengthened against the dollar in morning trade on Monday on sustained selling of the US currency by exporters and banks amid sustained foreign fund inflows. Besides, a higher opening in domestic equity market and a weak dollar against other currencies overseas after last week’s below-par US growth data also supported the rupee. Furthermore, gains in the Asian currencies markets and hopes that the goods and services tax bill may get approval from Rajya Sabha this week also added support to domestic currency. On the global front, the dollar on Monday pulled away from lows it hit following disappointing U.S. growth figures late last week while the yen pared some of its large gains made after the Bank of Japan's smaller-than-expected stimulus steps.
The partially convertible currency is currently trading at 66.72, stronger by 28 paise from its previous close of 67.00 on Friday. The currency touched a high and low of 66.79 and 66.6975 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.03 and for Euro stood at 74.27on July 29, 2016. While the RBI’s reference rate for the Yen stood at 64.69, the reference rate for the Great Britain Pound (GBP) stood at 88.30.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 29, 2016 | 67.0340 | 88.2972 |
| July 28, 2016 | 67.0550 | 88.4254 |
