Indian rupee strengthened against dollar on Thursday due to sustained selling of the US currency by exporters and banks amid foreign fund inflows. Besides, dollar’s weakness against other currencies overseas too supported the rupee. Rupee improved further on a higher opening in the domestic equity market amid positive global cues and on expectations that the RBI's decision on Wednesday -- kept repo rate unchanged at 6.25 percent -- to withdraw the incremental CRR requirement will give banks more room to cut lending rates sharply. On the global front, the euro held firm near a three-week high versus the dollar on Thursday, as investors turned their attention to the European Central Bank's policy meeting later in the day, and as the greenback was dragged down by a drop in US bond yields.
The partially convertible currency is currently trading at 67.45, stronger by 18 paise from its previous close of 67.63 on Wednesday. The currency touched a high and low of 67.51 and 67.43 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.87 and for Euro stood at 72.75 on December 7, 2016. While the RBI’s reference rate for the Yen stood at 59.41, the reference rate for the Great Britain Pound (GBP) stood at 85.86.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 07, 2016 | 67.8707 | 85.8632 |
| December 06, 2016 | 68.0322 | 86.7274 |
