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Rupee strengthens on selling of American currency by banks and exporters

22 May 2017 Evaluate

Indian rupee strengthened against US dollar on Monday on account of selling of the American currency by banks and exporters. Further, domestic stock markets opened on a firm note buoyed by the positive openings of the Asian markets too supported the rupee. On the global front, the dollar struggled to push ahead on Monday, holding near six-month lows against a basket of currencies as investors assessed the impact of US political turmoil and a resurgent euro.

The partially convertible currency is currently trading at 64.50, stronger by 14 paise from its previous close of 64.64 on Friday. The currency touched a high and low of 64.5150 and 64.4325 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.99 and for Euro stood at 72.29 on May 19, 2017. While the RBI’s reference rate for the Yen stood at 58.44, the reference rate for the Great Britain Pound (GBP) stood at 84.18. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
May 19, 201764.990684.1823
May 18, 201764.344183.3063
(RBI-Reference Rate)

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