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Rupee strengthens on selling of American currency by banks, exporters

11 Dec 2017 Evaluate

Indian rupee strengthened against the US dollar on Monday on account of selling of American currency by banks and exporters. Besides, the dollar’s weakness against other currencies overseas too supported the rupee's upmove. Furthermore, stronger domestic equities also lifted the rupee sentiment. On the global front, the dollar was steady in early Asian trade on Monday, underpinned by expectations of higher US interest rates, while bitcoin seized the spotlight as futures of the cryptocurrency began trading.

The partially convertible currency is currently trading at 64.36, stronger by 9 paise from its previous close of 64.45 on Friday. The currency touched a high and low of 64.4600 and 64.3400 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.46 and for Euro stood at 75.79 on December 08, 2017. While the RBI's reference rate for the Yen stood at 56.84, the reference rate for the Great Britain Pound (GBP) stood at 87.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 08, 201764.464987.0405
December 07, 201764.538886.3142
(RBI-Reference Rate) 

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