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

08 Dec 2017 Evaluate

Indian rupee strengthened against the US dollar on Friday, on account of increased selling of the American currency by exporters and banks. Besides, a higher opening in domestic stocks too supported the rupee. However, the dollar's recovery against some currencies overseas restricted the local unit's upmove. On the global front, the dollar inched higher on Friday, on track for a weekly gain against a basket of currencies, as the passage of a bill to temporarily extend US government funding raised investors’ optimism that a tax reform bill would also pass.

The partially convertible currency is currently trading at 64.50, stronger by 6 paise from its previous close of 64.56 on Thursday. The currency touched a high and low of 64.5800 and 64.4750 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.53 and for Euro stood at 76.08 on December 07, 2017. While the RBI's reference rate for the Yen stood at 57.33, the reference rate for the Great Britain Pound (GBP) stood at 86.31. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 07, 201764.538886.3142
December 06, 201764.446786.4939

(RBI-Reference Rate)

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