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

31 May 2017 Evaluate

Indian rupee strengthened against the US dollar on Wednesday on account of fresh selling of the American currency by banks and exporters. Further, a higher opening in the domestic equity market, which soared to a new high, and a weakening dollar against some other currencies overseas also supported the rupee. Meanwhile, investors are waiting Q4 and full year GDP data due later today. On the global front, the dollar fell to two-week lows against the safe-haven yen and Swiss franc on Tuesday, as investors turned cautious amid political worries in Europe as well as weaker stock and commodity markets after a long US holiday weekend.

The partially convertible currency is currently trading at 64.56, stronger by 10 paise from its previous close of 64.66 on Tuesday. The currency touched a high and low of 64.5750 and 64.5275 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.63 and for Euro stood at 71.83 on May 30, 2017. While the RBI’s reference rate for the Yen stood at 58.24, the reference rate for the Great Britain Pound (GBP) stood at 82.78. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
May 30, 201764.633682.7892
May 29, 201764.556582.8195
(RBI-Reference Rate)

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