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Rupee strengthens on continued selling of American currency by banks, exporters

13 Oct 2017 Evaluate

Indian rupee strengthened against US dollar on Friday on account of continued selling of American currency by banks and exporters. Rupee improved further by a set of positive economic data. Industrial production expanded to a 9-month high of 4.3 percent in August while retail inflation was stagnant at 3.28 percent in September compared to the previous month. A stronger opening in domestic stocks and the dollar's reduced strength against some currencies overseas too supported the rupee. But continuous outflow of foreign money kept the upmove in check. On the global front, the dollar inched down on Friday, as US Treasury yields stayed near recent lows, awaiting US inflation data for a potential boost following this week’s fall from 10-week highs.

The partially convertible currency is currently trading at 64.93, stronger by 15 paise from its previous close of 65.08 on Thursday. The currency touched a high and low of 64.9600 and 64.8675 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.10 and for Euro stood at 77.27 on October 12, 2017. While the RBI's reference rate for the Yen stood at 57.98, the reference rate for the Great Britain Pound (GBP) stood at 86.23. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 12, 201765.100386.2319
October 11, 201765.269186.1161

(RBI-Reference Rate)

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