Indian rupee strengthened against the US dollar on Wednesday on sustained dollar selling by banks and exporters. Further, dollar’s weakness against a basket of other currencies overseas, and inflows by foreign institutional investors (FIIs) too supported the domestic unit. Investors though are nervous as Union Budget presentation for the fiscal 2017-18 began with some disruption. On the global front, the dollar sagged against its major peers after US President Donald Trump and his top economic adviser took aim at the currency policies of key US trade partners, further raising concern that Washington was poised to actively weaken the greenback.
The partially convertible currency is currently trading at 67.62, stronger by 24 paise from its previous close of 67.86 on Tuesday. The currency touched a high and low of 67.68 and 67.5875 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.81 and for Euro stood at 72.55 on January 31, 2017. While the RBI’s reference rate for the Yen stood at 59.77, the reference rate for the Great Britain Pound (GBP) stood at 84.84. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 31, 2017 | 67.8125 | 84.8470 |
| January 30, 2017 | 68.0426 | 85.5159 |
