Indian rupee strengthened against the dollar on Tuesday on increased selling of the US currency by banks and exporters amid higher foreign inflows after the BJP’s victory in the UP Assembly elections. Besides, buoyant domestic stock markets with the NSE Nifty hitting a new high, supported the rupee momentum. Furthermore, industrial production expanding by 2.7 percent in January too supported the rupee. Forex market remained closed yesterday on account of Holi. On the global front, the dollar inched up against a basket of currencies on Tuesday as US Treasury yields extended their rise ahead of an expected interest rate rise by the Federal Reserve. The euro pulled back from one-month highs after dovish-sounding comments from European Central Bank officials tempered its recent surge.
The partially convertible currency is currently trading at 66.21, stronger by 38 paise from its previous close of 66.59 on Friday. The currency touched a high and low of 66.2450 and 66.18 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.68 and for Euro stood at 70.64 on March 10, 2017. While the RBI’s reference rate for the Yen stood at 57.79, the reference rate for the Great Britain Pound (GBP) stood at 81.05. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 10, 2017 | 66.6880 | 81.0526 |
| March 09, 2017 | 66.7707 | 81.1665 |
