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Rupee strengthens on increased selling of US currency by exporters and banks

23 Dec 2016 Evaluate

Indian rupee strengthened against the US dollar on Friday on increased selling of the US currency by exporters and banks. Besides, the dollar’s weakness against some currencies overseas supported the rupee, but a weak domestic equity market amid subdued global cues restricted the gains. On the global front, little was stirring in currency markets on Friday as dealers bedded down for the Christmas holidays, though the mood remain bullish for more dollar gains in the New Year as yield spreads widen in its favour.

The partially convertible currency is currently trading at 67.90, stronger by 9 paise from its previous close of 67.99 on Thursday. The currency touched a high and low of 67.9450 and 67.8650 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.91 and for Euro stood at 70.86 on December 22, 2016. While the RBI’s reference rate for the Yen stood at 57.73, the reference rate for the Great Britain Pound (GBP) stood at 83.91. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 22, 201667.913683.9140
December 21, 201667.872483.9649
(RBI-Reference Rate)

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