Indian rupee strengthened against the US dollar on Wednesday on account of fresh dollar selling by banks and exporters amid a weak dollar against other currencies overseas. However, a muted opening in domestic equities restricted the rupee gains. On the global front, the dollar nursed its losses on Wednesday after taking a hit from solid eurozone economic data, a fall in US yields on heightened turmoil in Washington and downbeat housing data that reduced expectations of a Federal Reserve rate hike next month. Further pressure on the dollar increased after news that Trump asked his now-dismissed FBI Director James Comey to end the agency's investigation into ties between former White House national security adviser Michael Flynn and Russia.
The partially convertible currency is currently trading at 64.04, stronger by 4 paise from its previous close of 64.08 on Tuesday. The currency touched a high and low of 64.05 and 63.9850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.07 and for Euro stood at 70.55 on May 16, 2017. While the RBI’s reference rate for the Yen stood at 56.52, the reference rate for the Great Britain Pound (GBP) stood at 82.77. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 16, 2017 | 64.0758 | 82.7795 |
| May 15, 2017 | 64.1188 | 82.8351 |
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