Indian rupee strengthened against the US dollar on Monday on account of selling of American currency by banks and exporters amid increased foreign fund inflows. Besides, the dollar’s struggle against some other currencies overseas too supported rupee. Further, a higher opening in the domestic equity market following firm global cues too influenced the rupee uptrend. The currency advanced last week as the markets rejoiced the release of Union Budget where India’s finance minister announced a fiscal deficit target of 3.2 percent for 2017-18 fiscal that was in line with estimates.
The partially convertible currency is currently trading at 67.19, stronger by 12 paise from its previous close of 67.31 on Friday. The currency touched a high and low of 67.2350 and 67.1725 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.38 and for Euro stood at 72.44 on February 03, 2017. While the RBI’s reference rate for the Yen stood at 59.60, the reference rate for the Great Britain Pound (GBP) stood at 84.32. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 03, 2017 | 67.3825 | 84.3225 |
| February 02, 2017 | 67.4480 | 85.4903 |
