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Rupee strengthens on selling of Amercian currency by bank and exporters

12 Jan 2017 Evaluate

Indian rupee strengthened against dollar on Thursday on account of selling of Amercian currency by bank and exporters. Besides, the dollar’s weakness against some currencies overseas and early gains in the domestic equity market too supported the rupee. Rupee improved further tracking gains in Asian currencies markets. Meanwhile, traders are awaiting key macro-economic data -- index of industrial production and consumer price inflation data for November and December-- due later in the day. The traders are also awaiting wholesale price inflation data due on January 16. On the global front, the dollar skidded on Thursday, moving back toward one-month lows against the perceived safe-haven yen, after President-elect Donald Trump's highly-awaited news conference failed to offer details on his promises to boost fiscal spending and cut taxes.

The partially convertible currency is currently trading at 68.10, stronger by 23 paise from its previous close of 68.33 on Wednesday. The currency touched a high and low of 68.1300 and 68.0700 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.22 and for Euro stood at 72.32 on January 11, 2017. While the RBI’s reference rate for the Yen stood at 58.82, the reference rate for the Great Britain Pound (GBP) stood at 82.95.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 11, 201768.2276 82.9579
January 10, 201768.064182.6979
(RBI-Reference Rate)

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