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Rupee strengthens on selling of US currency by banks and exporters

29 Dec 2016 Evaluate

Indian rupee strengthened against the dollar on Thursday, following fresh selling of the US currency by banks and exporters. Besides, the dollar’s weakness against some currencies overseas and a better trend in the domestic equity market too supported the local currency. Rupee improved further by tracking gains in the Asian currencies markets. On the global front, the dollar sagged against the yen on Thursday, weighed down by US yields slipping to two-week lows and ebb in risk appetite that favoured the safe-haven Japanese currency.

The partially convertible currency is currently trading at 68.11, stronger by 14 paise from its previous close of 68.25 on Wednesday. The currency touched a high and low of 68.2300 and 68.1125 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.22 and for Euro stood at 71.45 on December 28, 2016. While the RBI’s reference rate for the Yen stood at 58.06, the reference rate for the Great Britain Pound (GBP) stood at 83.86.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 28, 201668.225083.8622
December 27, 201667.996783.4999
(RBI-Reference Rate)

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