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Rupee strengthens on selling of American currency by banks and exporters

14 Aug 2017 Evaluate

Indian rupee strengthened against the US dollar on Monday on account of selling of American currency by banks and exporters. Besides, after tumbling over 1000 points last week, domestic markets opening in green on positive global cues too supported the rupee. On the global front, the dollar edged higher against the yen on Monday, trading above last week's near 4-month low, with rising tensions between the United States and North Korea seen as the key to the near-term outlook.

The partially convertible currency is currently trading at 64.02, stronger by 12 paise from its previous close of 64.14 on Friday. The currency touched a high and low of 64.0250 and 63.9350 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.16 and for Euro stood at 75.45 on August 11, 2017. While the RBI’s reference rate for the Yen stood at 58.76, the reference rate for the Great Britain Pound (GBP) stood at 83.26. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
August 11, 2017 64.169383.2661
August 10, 201763.943783.0053

(RBI-Reference Rate)

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