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Rupee strengthens on fresh selling of American currency by exporters and banks

09 Jan 2018 Evaluate

Indian rupee strengthened against the US dollar on Tuesday on fresh selling of the American currency by exporters and banks, amid gains in domestic equities. Further, persistent inflows of foreign funds and the dollar's weakness against other currencies overseas also supported the domestic unit. On the global front, the yen jumped on Tuesday after the Bank of Japan trimmed its buying of long-dated Japanese government bonds in market operations, helping to stoke speculation about a future exit from its massive stimulus policy.

The partially convertible currency is currently trading at 63.46, stronger by 4 paise from its previous close of 63.50 on Monday. The currency touched a high and low of 63.5250 and 63.4500 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.34 and for Euro stood at 76.15 on January 08, 2018. While the RBI's reference rate for the Yen stood at 55.95, the reference rate for the Great Britain Pound (GBP) stood at 85.88. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 08, 201863.348285.8875
January 05, 201863.382386.0225

(RBI-Reference Rate)

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