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Rupee strengthens on selling of US currency by exporters and banks

28 Aug 2017 Evaluate

Indian rupee strengthened against the US dollar on Monday on account of selling of the US currency by exporters and banks. Further, dollar’s weakness against some currencies overseas and a higher opening in domestic equities also supported the local currency. On the global front, the euro extended gains to a 2.5 year high against the dollar on Monday after the European Central Bank president held back from talking down the currency and as markets worried about the impact of Tropical Storm Harvey on the US economy. Forex market was closed on Friday for ‘Ganesh Chaturthi’.

The partially convertible currency is currently trading at 63.90, stronger by 13 paise from its previous close of 64.03 on Thursday. The currency touched a high and low of 63.9175 and 63.8700 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.06 and for Euro stood at 75.58 on August 24, 2017. While the RBI’s reference rate for the Yen stood at 58.67, the reference rate for the Great Britain Pound (GBP) stood at 81.93. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
August 24, 201764.067681.9361
August 23, 2017 64.127282.2303
(RBI-Reference Rate)

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