Indian rupee strengthened, reversing its three-day downward trend, against the US dollar in morning trade on Tuesday on fresh selling of the American currency by exporters. Besides, the dollar's weakness against some currencies overseas supported the rupee, but losses in the domestic equity markets restricted gains. Indian rupee had closed weak in yesterday's trade after Urjit Patel’s appointment as the new governor of the Reserve Bank of India (RBI) will reinforce the view that the inflation hawk will persist with his strident anti-inflation stance. On the global front, the dollar dipped against the yen on Tuesday, while the New Zealand dollar rose after the nation's central bank chief said he did not see the need for a rapid succession of interest rate cuts.
The partially convertible currency is currently trading at 67.09, stronger by 9 paise from its previous close of 67.18 on Monday. The currency touched a high and low of 67.16 and 67.0775 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.19 and for Euro stood at 75.80 on August 22, 2016. While the RBI’s reference rate for the Yen stood at 66.67, the reference rate for the Great Britain Pound (GBP) stood at 87.67. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| August 22, 2016 | 67.1940 | 87.6747 |
| August 19, 2016 | 66.9296 | 87.9723 |
(RBI-Reference Rate)
