Indian rupee was trading marginally stronger against US dollar on Thursday, on increased selling of the US currency by exporters and banks amid a higher opening in the domestic equity market. Meanwhile, according to the Monetary Policy Committee Meeting minutes released on Wednesday, four out of six members of the monetary policy committee favoured changing Reserve Bank of India’s policy stance to neutral from accommodative due to higher core inflation. On the global front, the dollar weakened against some currencies overseas, after Federal Reserve meeting minutes disappointed expectations for a hawkish tone. The minutes showed that members were concerned about the appreciation of the greenback, while seeing a need for a rate hike ‘fairly soon’ if the economy stays on track.
The partially convertible currency is currently trading at 66.91, stronger by 5 paise from its previous close of 66.96 on Wednesday. The currency touched a high and low of 66.9425 and 66.8975 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.96 and for Euro stood at 70.54 on February 22, 2017. While the RBI’s reference rate for the Yen stood at 58.98, the reference rate for the Great Britain Pound (GBP) stood at 83.69. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 22, 2017 | 66.9644 | 83.6921 |
| February 20, 2017 | 66.9771 | 83.1923 |
(RBI-Reference Rate)
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