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Rupee strengthens on selling of American currency by exporters and banks

29 Dec 2017 Evaluate

Indian rupee strengthened against US dollar on Friday on selling of the American currency by exporters and banks. Further, the dollar was weak against major currencies in global markets too that supported the local currency. Moreover, domestic stock markets opened higher bolstering the rupee sentiment. On the global front, the dollar wallowed near a one-month low against a basket of currencies on Friday, while commodity currencies such as the Australian and Canadian dollars were at two-month highs thanks to firmer energy and metals prices.

The partially convertible currency is currently trading at 63.96, stronger by 12 paise from its previous close of 64.08 on Thursday. The currency touched a high and low of 64.0600 and 63.9500 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.17 and for Euro stood at 76.56 on December 28, 2017. While the RBI's reference rate for the Yen stood at 56.89, the reference rate for the Great Britain Pound (GBP) stood at 86.22. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 28, 201764.171686.2210
December 27, 201764.157785.8366
(RBI-Reference Rate)

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