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Rupee recovers on selling of American currency by exporters and banks

30 Aug 2016 Evaluate

Indian rupee recovered against the US dollar in morning trade on Tuesday, on selling of the American currency by exporters and banks amid a higher opening in the domestic equity market. Besides, fresh foreign fund inflows supported the rupee but strength in the dollar against some currencies overseas capped the gains. Traders are cautious ahead of the gross domestic product (GDP) data for the June quarter and fiscal deficit data for July on Wednesday. On the global front, the dollar edged up on Tuesday, but mostly took a breather as investors waited to see if US employment data later this week would reinforce US Federal Reserve officials' recent hawkish messages.

The partially convertible currency is currently trading at 67.07, stronger by 10 paise from its previous close of 67.17 on Monday. The currency touched a high and low of 67.12 and 67.0625 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.18 and for Euro stood at 75.18 on August 29, 2016. While the RBI’s reference rate for the Yen stood at 65.62, the reference rate for the Great Britain Pound (GBP) stood at 88.01.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
August 29, 201667.181088.0138
August 26, 201667.029988.5934
(RBI-Reference Rate)

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