Indian rupee strengthened against the US dollar on Wednesday on increased selling of the American currency by banks and exporters amid forex inflows. Besides, the dollar was trading weak against major world currencies in global markets too supported the rupee. Rupee improved further on rising global profile of India at the World Economic Forum in Davos. Forex market sentiment got a lift after US lawmakers reached a deal to end a Federal government shutdown. Meanwhile, the International Monetary Fund projected the Indian economy to grow at 7.4 percent in 2018, potentially making it the fastest growing major economy.
The partially convertible currency is currently trading at 63.66, stronger by 12 paise from its previous close of 63.78 on Tuesday. The currency touched a high and low of 63.7050 and 63.6300 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.77 and for Euro stood at 78.21 on January 23, 2018. While the RBI's reference rate for the Yen stood at 57.57, the reference rate for the Great Britain Pound (GBP) stood at 89.20. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 23, 2018 | 63.7722 | 89.2046 |
| January 22, 2018 | 63.8895 | 88.5956 |
