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Rupee strengthens on sustained foreign fund inflows

16 Mar 2017 Evaluate

Indian rupee strengthened further against the dollar on Thursday on account of sustained foreign fund inflows and increased selling of the US currency by exporters and banks. Besides, a firm domestic equity market, and the dollar’s weakness against other currencies overseas supported the rupee. On the global front, the euro stood tall after Dutch election exit polls pointed to a comfortable win by the prime minister over his far-right rival, while the dollar wallowed at a one-month low after the Federal Reserve sounded less hawkish than anticipated on future rate rises.

The partially convertible currency is currently trading at 65.44, stronger by 25 paise from its previous close of 65.69 on Wednesday. The currency touched a high and low of 65.44 and 65.22 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.51 and for Euro stood at 69.62 on March 15, 2017. While the RBI’s reference rate for the Yen stood at 57.08, the reference rate for the Great Britain Pound (GBP) stood at 80.06. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
March 15, 201765.514680.0654
March 14, 201766.180080.5014
 (RBI-Reference Rate)

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