Indian rupee strengthened against the US dollar on Tuesday on increased selling of the US currency by exporters and banks. Besides, weakness in the dollar against other currencies overseas too supported the rupee. Rupee improved further amid higher opening in the domestic equity market following encouraging macro-economic data. The wholesale price index (WPI) for December 2016 came in at 3.39%, higher than 3.15% in the previous month. Meanwhile, traders remained cautious ahead of British Prime Minister Theresa May’s speech on Brexit plans due later in the day, as well as President-elect Donald Trump’s inauguration stateside at the end of the week.
The partially convertible currency is currently trading at 68.05, stronger by 4 paise from its previous close of 68.09 on Monday. The currency touched a high and low of 68.1350 and 68.0400 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.15 and for Euro stood at 72.41 on January 16, 2017. While the RBI’s reference rate for the Yen stood at 59.79, the reference rate for the Great Britain Pound (GBP) stood at 81.99.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 16, 2017 | 68.1558 | 81.9982 |
| January 13, 2017 | 68.2310 | 82.9757 |
