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Rupee strengthens on increased selling of US currency by banks and exporters

31 Jan 2017 Evaluate

Indian rupee strengthened against the dollar on Tuesday on account of increased selling of the US currency by banks and exporters. Further, a weakening dollar against other currencies overseas too supported the rupee but a lower opening in the domestic equity market capped the gains. Meanwhile, all investors’ eyes are on Economic Survey 2016-17 to be presented on by Finance Minister Arun Jaitley later in the day. On the global front, the dollar slipped against the yen as the Japanese currency benefited from its safe-haven status, with the appetite for risk curbed by US President Donald Trump's hardening defence over his immigration policies.

The partially convertible currency is currently trading at 67.83, stronger by 12 paise from its previous close of 67.95 on Monday. The currency touched a high and low of 67.8875 and 67.81 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.04 and for Euro stood at 72.96 on January 30, 2017. While the RBI’s reference rate for the Yen stood at 59.38, the reference rate for the Great Britain Pound (GBP) stood at 85.51. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 30, 201768.042685.5159
January 27, 201768.204385.4941
(RBI-Reference Rate)

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