Indian rupee strengthened against the US dollar on Monday on account of fresh selling of American currency by exporters and banks amidst higher opening in the domestic equity market. Further, weakness in the dollar against other currencies overseas too supported the rupee. On the global front, the dollar slipped in Asian trading on Monday, as investors locked in gains after its rise last week on growing expectations of a US interest rate hike later this month. Market participants also kept a wary eye on developments in North Korea, which fired four ballistic missiles early on Monday, three of which landed in Japan's exclusive economic zone. The news bolstered the perceived safe-haven yen, and also weighed on US Treasury yields, decreasing the dollar's appeal.
The partially convertible currency is currently trading at 66.75, stronger by 6 paise from its previous close of 66.81 on Friday. The currency touched a high and low of 66.7675 and 66.7375 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.83 and for Euro stood at 70.35 on March 3, 2017. While the RBI’s reference rate for the Yen stood at 58.55, the reference rate for the Great Britain Pound (GBP) stood at 81.96. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 03, 2017 | 66.8354 | 81.9603 |
| March 02, 2017 | 66.7433 | 81.9875 |
(RBI-Reference Rate)
