Indian rupee strengthened marginally against the US dollar on Thursday due to sustained selling of American currency by banks and exporters. Further, the dollar turned weak against other currencies overseas even after the US Federal Reserve lifted interest rates and gave a more hawkish outlook. The US central bank on Wednesday increased interest rates to a range of 1 to 1.25 percent as expected, and gave its first clear outline on its plan to reduce its $4.2-trillion bond portfolio. Fed policy makers also signaled they were likely to raise rates once more this year. On the global front, the dollar nursed losses on Thursday, after weak US inflation data left investors wondering if the Federal Reserve would be able to follow up its latest rate hike with another later this year. Deepening political turmoil in Washington also weighed on the greenback and US Treasury yields, with the Washington Post reporting that US President Donald Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice.
The partially convertible currency is currently trading at 64.27, stronger by 2 paise from its previous close of 64.29 on Wednesday. The currency touched a high and low of 64.32 and 64.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.31 and for Euro stood at 72.12 on June 14, 2017. While the RBI’s reference rate for the Yen stood at 58.45, the reference rate for the Great Britain Pound (GBP) stood at 82.10. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 14, 2017 | 64.3141 | 82.1098 |
| June 13, 2017 | 64.4453 | 81.7424 |
(RBI-Reference Rate)
