Indian rupee strengthened against dollar on Wednesday on account of continued selling of the American currency by banks and exporters. Besides, the dollar's weakness against other currencies overseas, and continued foreign fund inflows also supported the rupee's uptrend. Meanwhile, the domestic equity market opened on a flat note following mixed global cues. The markets are gearing up for an interest rate hike by the US Federal Reserve in its two-day meeting on 14-15 March. On the global front, the dollar was a touch lower on Wednesday, its modest advance from the previous day bogging down, as investors started to take a wait-and-see attitude ahead of Friday's US jobs report.
The partially convertible currency is currently trading at 66.63, stronger by 4 paise from its previous close of 66.67 on Tuesday. The currency touched a high and low of 66.66 and 66.63 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.63 and for Euro stood at 70.55 on March 7, 2017. While the RBI’s reference rate for the Yen stood at 58.48, the reference rate for the Great Britain Pound (GBP) stood at 81.53. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 07, 2017 | 66.6347 | 81.5342 |
| March 06, 2017 | 66.7559 | 81.9762 |
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