Indian rupee strengthened marginally against the US dollar on Wednesday due to fresh dollar selling by banks and exporters. Besides, continued inflows by foreign funds too supported the uptrend. Rupee improved further, tracking gains in Asian currencies markets following government data that showed the Chinese economy grew in line with expectations for the July-September quarter. On the global front, the dollar stepped back from a seven-month high against an index of currencies after US consumer prices showed a moderation in underlying inflation, prompting markets to trim bets on a December Federal Reserve rate hike.
The partially convertible currency is currently trading at 66.70, stronger by 2 paise from its previous close of 66.72 on Tuesday. The currency touched a high and low of 66.7350 and 66.66 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.72 and for Euro stood at 73.54 on October 18, 2016. While the RBI’s reference rate for the Yen stood at 64.14, the reference rate for the Great Britain Pound (GBP) stood at 81.71.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 18, 2016 | 66.7268 | 81.7136 |
| October 17, 2016 | 66.7779 | 81.3088 |
