Indian rupee strengthened against the US dollar on Wednesday, backed by foreign fund inflows. Besides, selling of the US dollar by exporters and banks and weakness against other currencies overseas also supported domestic currency. The rupee had jumped nearly one-and-a-half year high yesterday amid expectations that BJP’s emphatic victory in Uttar Pradesh will embolden the government to go for more reforms. On the global front, the dollar was on tenterhooks in Asian trading on Wednesday as investors waited anxiously to see what clues the US Federal Reserve would soon reveal on its monetary policy outlook. The US central bank began its two-day monetary policy meeting on Tuesday, with the futures market pricing in more than a 90 percent chance that it would raise interest rates, investors' main focus turned to what its statement would say about the pace of hikes this year.
The partially convertible currency is currently trading at 65.53, stronger by 29 paise from its previous close of 65.82 on Tuesday. The currency touched a high and low of 65.7850 and 65.4050 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.18 and for Euro stood at 70.43 on March 14, 2017. While the RBI’s reference rate for the Yen stood at 57.57, the reference rate for the Great Britain Pound (GBP) stood at 80.50. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 14, 2017 | 66.1800 | 80.5014 |
| March 10, 2017 | 66.6880 | 81.0526 |
