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Rupee strengthens on fresh selling of American currency by exporters and banks

14 Feb 2017 Evaluate

Indian rupee strengthened against the US dollar on Tuesday on fresh selling of the American currency by exporters and banks. Besides, foreign fund inflows supported the rupee, but a weak trading in the domestic equity market capped gains. On the global front, the dollar extended losses on Tuesday after President Donald Trump's national security adviser Michael Flynn quit, with investors waiting to see whether Federal Reserve Chair Janet Yellen offers clues to the likely pace interest rate increases in her congressional testimony.

The partially convertible currency is currently trading at 66.93, stronger by 8 paise from its previous close of 67.01 on Monday. The currency touched a high and low of 66.98 and 66.92 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.96 and for Euro stood at 71.17 on February 13, 2017. While the RBI’s reference rate for the Yen stood at 58.89, the reference rate for the Great Britain Pound (GBP) stood at 83.76.The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

Date1US$1GBP
February 13, 201766.966383.7614
February 10, 201766.936783.7713

(RBI-Reference Rate)

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