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Rupee strengthens on sustained selling of the American currency by exporters

28 Sep 2016 Evaluate

Indian rupee strengthened against the dollar on Wednesday on sustained selling of the American currency by exporters. Besides, a strong opening in the domestic equity market also supported the rupee. Though, dollar’s strength against some major currencies capped some gains. On the global front, the dollar rose versus the yen, while the euro nursed its losses after retreating on concerns over the health of the European financial system.

The partially convertible currency is currently trading at 66.4725, stronger by 0.75 paise from its previous close of 66.48 on Tuesday. The currency touched a high and low of 66.49 and 66.4350 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.46 and for Euro stood at 74.73 on September 27, 2016. While the RBI’s reference rate for the Yen stood at 65.84, the reference rate for the Great Britain Pound (GBP) stood at 86.34.The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

Date 1US$ 1GBP
September 27, 201666.4627 86.4689
September 26, 201666.7095 86.3417
(RBI-Reference Rate)

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