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Rupee strengthens on selling of American currency by exporters and banks

04 Jan 2017 Evaluate

Indian rupee strengthened against the US dollar on Wednesday after selling of the American currency by exporters and banks intensified. Further, dollar’s weakness against other currencies overseas and a higher opening in the domestic equity market too supported the rupee uptrend. On the global front, the dollar moved back towards a 14-year peak on Wednesday as US debt yields resumed climbing, giving a lift against the safe-haven yen amid strong investor appetite for riskier assets.

The partially convertible currency is currently trading at 68.23, stronger by 9 paise from its previous close of 68.32 on Tuesday. The currency touched a high and low of 68.2625 and 68.1950 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.08 and for Euro stood at 71.38 on January 3, 2017. While the RBI’s reference rate for the Yen stood at 58.03, the reference rate for the Great Britain Pound (GBP) stood at 83.75. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 03, 201768.086483.7599
January 02, 201768.022583.9670
(RBI-Reference Rate)

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