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Rupee strengthens on fresh selling of US currency by exporters and banks

19 Apr 2017 Evaluate

Indian rupee strengthened against US dollar on Wednesday on fresh selling of the US currency by exporters and banks. Rupee improved further on higher opening in domestic equities after India Meteorological Department (IMD) predicted normal monsoon this year. On the global front, the dollar index edged away from three-week lows on Wednesday, as a resurgent sterling gave back some of the gains it made after British Prime Minister Theresa May called an early general election ahead of Brexit negotiations. The pound sailed to its highest in more than six months after May said the election would ‘secure the strong and stable leadership’ position needed for talks with the European Union about terms for the looming exit.

The partially convertible currency is currently trading at 64.53, stronger by 10 paise from its previous close of 64.63 on Tuesday. The currency touched a high and low of 64.6025 and 64.5200 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.56 and for Euro stood at 68.74 on April 18, 2017. While the RBI’s reference rate for the Yen stood at 59.22, the reference rate for the Great Britain Pound (GBP) stood at 81.17. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
April 18, 201764.5657 81.1785
April 17, 201764.405380.7192
(RBI-Reference Rate)

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