Indian rupee strengthened against the US dollar on Monday on account of selling of American currency by banks and exporters. Rupee improved further on positive economic data after retail inflation fell sharply to 2.99 percent in April from 3.90 percent in March, while inflation based on the wholesale price index slipped to a four-month low of 3.85 percent in April. Further, a higher opening in domestic stocks and continuous foreign capital inflows too kept the rupee on a firm ground. But the dollar's strength against some currencies overseas capped the rupee's gains.
The partially convertible currency is currently trading at 64.12, stronger by 19 paise from its previous close of 64.31 on Friday. The currency touched a high and low of 64.1250 and 64.03 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.30 and for Euro stood at 69.88 on May 12, 2017. While the RBI’s reference rate for the Yen stood at 56.56, the reference rate for the Great Britain Pound (GBP) stood at 82.86. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 12, 2017 | 64.3043 | 82.8690 |
| May 11, 2017 | 64.4380 | 83.4150 |
