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Rupee strengthens on selling of American currency by exporters and banks

31 Oct 2017 Evaluate

Indian rupee strengthened against US dollar on Tuesday on account of selling of American currency by exporters and banks. However, the dollar's overseas strength, lower opening in the domestic stock market, and cautious trading ahead of the US Federal Reserve meeting and a key US data release later in the week capped some gains. On the global front, the dollar touched a one-week low versus the yen on Tuesday as investors turned cautious following news that investigators probing Russian interference in the US election had charged President Donald Trump’s former campaign manager. The yen showed limited reaction after the Bank of Japan kept its monetary policy steady on Tuesday as widely expected, even as it slightly cut its inflation forecast for the current fiscal year.

The partially convertible currency is currently trading at 64.82, stronger by 3 paise from its previous close of 64.85 on Monday. The currency touched a high and low of 64.8450 and 64.7775 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.93 and for Euro stood at 75.42 on October 30, 2017. While the RBI's reference rate for the Yen stood at 57.13, the reference rate for the Great Britain Pound (GBP) stood at 85.37. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 30, 201764.933885.3750
October 27, 201765.093185.3826

(RBI-Reference Rate)

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