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Rupee strengthens on higher dollar selling by exporters and banks

05 Jan 2017 Evaluate

Indian rupee strengthened against the dollar on Thursday after the US currency saw higher selling by exporters and banks. Besides, higher opening in the domestic stock market following robust global cues too supported rupee’s uptrend. On the global front, the US dollar fell against the yen and euro during early Asian trade Thursday, amplifying overnight weakness following Federal Reserve minutes that signaled uncertainty over the policy direction of President-elect Donald Trump’s incoming administration.

The partially convertible currency is currently trading at 67.81, stronger by 24 paise from its previous close of 68.05 on Wednesday. The currency touched a high and low of 67.95 and 67.8125 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.17 and for Euro stood at 70.99 on January 4, 2017. While the RBI’s reference rate for the Yen stood at 57.81, the reference rate for the Great Britain Pound (GBP) stood at 83.53.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 04, 201768.179183.5330
January 03, 201768.086483.7599
(RBI-Reference Rate)

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