Indian rupee strengthened against the US dollar on Wednesday due to sustained selling of the American currency by exporters and banks. Further, dollar's weakness against other currencies overseas, foreign fund inflows and a strong domestic equity market supported the rupee. Rupee improved further by tracking the gains in the global equity markets. On the global front, reduced concerns over the French presidential elections, combined with strong new US home sales data and optimism surrounding an expected tax reform announcement on Wednesday from US President Donald Trump's administration, helped lift the dollar against the yen. The yen remaining under pressure as risk sentiment improved and safe haven demand eased, on relief over the first round of the French presidential election.
The partially convertible currency is currently trading at 64.01, stronger by 26 paise from its previous close of 64.27 on Tuesday. The currency touched a high and low of 64.17 and 63.93 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.27 and for Euro stood at 69.85 on April 25, 2017. While the RBI’s reference rate for the Yen stood at 58.33, the reference rate for the Great Britain Pound (GBP) stood at 82.26. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 25, 2017 | 64.2776 | 82.2689 |
| April 24, 2017 | 64.4757 | 82.4580 |
(RBI-Reference Rate)
