Indian rupee strengthened against the US dollar on Tuesday on selling of the American currency by exporters and banks amid sustained foreign fund inflows. Rupee improved further on a higher opening in domestic equity market and a weak dollar against other currencies overseas on receding expectations of an imminent US interest rate rise after lower than expected jobs numbers from the United States last week. Forex market remained closed on Monday on account of ‘Ganesh Chaturthi’. On the global front, the yen kept some distance from a one-month low against the dollar on Tuesday after Bank of Japan Governor Haruhiko Kuroda held back from signaling further easing, acknowledging instead the costs of the BOJ's aggressive stimulus.
The partially convertible currency is currently trading at 66.55, stronger by 27 paise from its previous close of 66.82 on Friday. The currency touched a high and low of 66.5725 and 66.51 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.84 and for Euro stood at 74.80 on September 2, 2016. While the RBI’s reference rate for the Yen stood at 64.52, the reference rate for the Great Britain Pound (GBP) stood at 88.70.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| September 02, 2016 | 66.8405 | 88.7040 |
| September 01, 2016 | 66.9539 | 88.0511 |
(RBI-Reference Rate)
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