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Rupee strengthens on increased selling of US currency by exporters, banks

09 Nov 2017 Evaluate

Indian rupee strengthened against the US dollar on Thursday on account of increased selling of the US currency by exporters and banks. Besides, a weak dollar against other currencies overseas too supported the rupee gains. Furthermore, stocks markets opening with gains also bolstered the domestic currency. On the global front, the dollar held steady versus a basket of currencies on Thursday, but its near-term outlook was seen clouded by worries over possible delays to US President Donald Trump’s tax reform plans.

The partially convertible currency is currently trading at 64.86, stronger by 9 paise from its previous close of 64.95 on Wednesday. The currency touched a high and low of 64.9425 and 64.8500 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.05 and for Euro stood at 75.38 on November 08, 2017. While the RBI's reference rate for the Yen stood at 57.12, the reference rate for the Great Britain Pound (GBP) stood at 85.57. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 08, 201765.059285.5724
November 07, 201764.806485.3371

(RBI-Reference Rate)

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