Indian rupee extended rally against the US currency on Thursday after the RBI cut the repo rate by 25 basis points on Wednesday. The currency is hovering around over 2-year high levels. Rupee improved further by hopes of more capital inflows, coupled with more selling of the American currency by banks and exporters. Also, the dollars' muted show against other currencies overseas too added support to the rupee. On the global front, the dollar inched away from a 15-month low versus a basket of currencies on Thursday, but was still looking wobbly due to doubts about whether there will be another US interest rate rise this year.
The partially convertible currency is currently trading at 63.64, stronger by 6 paise from its previous close of 63.70 on Wednesday. The currency touched a high and low of 63.7000 and 63.5600 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.06 and for Euro stood at 75.74 on August 02, 2017. While the RBI’s reference rate for the Yen stood at 57.86, the reference rate for the Great Britain Pound (GBP) stood at 84.64. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| August 02, 2017 | 64.0690 | 84.6416 |
| August 01, 2017 | 64.0683 | 84.6214 |
(RBI-Reference Rate)
