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Rupee strengthens on fresh selling of American currency by exporters

15 Nov 2017 Evaluate

Indian rupee strengthened against the US dollar on Wednesday on fresh selling of the American currency by exporters. Further, fresh inflow of foreign funds and weakness in the dollar against other currencies overseas too supported the rupee. However, a lower opening of domestic equities and a widening trade deficit to almost a three-year high capped the gains. On the global front, a reduction in risk appetites lifted the yen on Wednesday and pressured the Australian dollar, as investors awaited US consumer inflation data later in the global session.

The partially convertible currency is currently trading at 65.38, stronger by 4 paise from its previous close of 65.42 on Tuesday. The currency touched a high and low of 65.4000 and 65.2975 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.51 and for Euro stood at 76.47 on November 14, 2017. While the RBI's reference rate for the Yen stood at 57.65, the reference rate for the Great Britain Pound (GBP) stood at 85.93. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 14, 201765.517185.9388
November 13, 201765.427285.8209

(RBI-Reference Rate)

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