Indian rupee strengthened against the dollar on Wednesday on increased selling of the US currency by exporters and banks. Further, a higher opening in the domestic equity market and expectations of encouraging GDP data to be released later in the day too supported the rupee. However, the dollar’s strength against some currencies overseas following stronger than expected third-quarter US growth data, higher housing prices in September and a sharp rebound in consumer confidence in November, capped the gains. On the global front, the dollar pared earlier losses against the yen and euro and edged up on Wednesday, as US debt yields resumed their ascent.
The partially convertible currency is currently trading at 68.59, stronger by 7 paise from its previous close of 68.66 on Tuesday. The currency touched a high and low of 68.6500 and 68.5600 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.65 and for Euro stood at 72.80 on November 29, 2016. While the RBI’s reference rate for the Yen stood at 61.25, the reference rate for the Great Britain Pound (GBP) stood at 85.22.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 29, 2016 | 68.6535 | 85.2265 |
| November 28, 2016 | 68.7235 | 85.8494 |
