Indian rupee strengthened against the dollar on Monday on account of fresh selling of the US currency by exporters and banks. Besides, dollar's weakness against other currencies overseas too supported the rupee. The domestic currency improved further after foreign investors continued to buy in local equity and debt markets. On the global front, the dollar stayed on the defensive in Asia on Monday with bulls still nursing a grudge after the Federal Reserve's rate guidance last week proved to be less ‘hawkish’ than many had wagered on.
The partially convertible currency is currently trading at 65.41, stronger by 6 paise from its previous close of 65.47 on Friday. The currency touched a high and low of 65.4725 and 65.37 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.54 and for Euro stood at 70.60 on March 17, 2017. While the RBI’s reference rate for the Yen stood at 57.84, the reference rate for the Great Britain Pound (GBP) stood at 80.99. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 17, 2017 | 65.5411 | 80.9957 |
| March 16, 2017 | 65.3836 | 80.2649 |
