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Rupee strengthens on selling of American currency by banks and corporates

03 Nov 2017 Evaluate

Indian rupee strengthened against the US dollar on Friday on account of selling of American currency by banks and corporates. Besides, foreign capital inflows and the dollar’s weakness against other currencies overseas too supported the rupee sentiment. Rupee improved further as the domestic equities remained firm. On the global front, the dollar held steady versus a basket of currencies on Friday, as investors shifted their focus to US jobs data, with President Donald Trump’s nomination of Federal Reserve Governor Jerome Powell to be the next Fed chair coming as no surprise.

The partially convertible currency is currently trading at 64.57, stronger by 4 paise from its previous close of 64.61 on Thursday. The currency touched a high and low of 64.5775 and 64.5300 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.59 and for Euro stood at 75.28 on November 02, 2017. While the RBI's reference rate for the Yen stood at 56.72, the reference rate for the Great Britain Pound (GBP) stood at 85.78. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 02, 201764.593085.7860
November 01, 201764.525685.6706
(RBI-Reference Rate)

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