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Rupee strengthens against dollar tracking gains in Asian currencies

19 Jun 2017 Evaluate

Indian rupee strengthened marginally against the US dollar on Monday, tracking gains in the Asian currencies as markets geared up ahead of Brexit negotiations between the UK and the European Union, and as French president Emmanuel Macron’s party won a parliamentary majority at the weekend. Rupee improved further against dollar on selling of American currency by banks and exporters. Furthermore, domestic equity markets opened in green following positive Asian cues that too supported rupee. On the global front, the dollar steadied against a basket of currencies on Monday after slipping on soft US economic data, with investors awaiting comments by a top Federal Reserve official for clues on whether recent strength can be sustained.

The partially convertible currency is currently trading at 64.35, stronger by 8 paise from its previous close of 64.43 on Friday. The currency touched a high and low of 64.43 and 64.32 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.58 and for Euro stood at 72.04 on June 16, 2017. While the RBI’s reference rate for the Yen stood at 58.05, the reference rate for the Great Britain Pound (GBP) stood at 82.51. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 16, 201764.588382.5116
June 15, 201764.280181.9121

(RBI-Reference Rate)

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