Indian rupee strengthened against the US dollar on Wednesday on account of fresh selling of the American currency by exporters and banks ahead of the outcome of RBI’s monetary policy meeting. Besides, dollar’s weakness against other currencies overseas and early gains in domestic equity markets too supported the rupee. Furthermore, gains in the global equity and currencies market also helped rupee sentiment. On the global front, the dollar was firmer against the yen but trimmed gains against the euro on Wednesday when US equities bounced overnight after suffering deep losses earlier in the week.
The partially convertible currency is currently trading at 64.18, stronger by 7 paise from its previous close of 64.25 on Tuesday. The currency touched a high and low of 64.1925 and 64.0350 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.27 and for Euro stood at 79.52 on February 06, 2018. While the RBI's reference rate for the Yen stood at 59.05, the reference rate for the Great Britain Pound (GBP) stood at 89.71. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 06, 2018 | 64.2723 | 89.7177 |
| February 05, 2018 | 64.0295 | 90.4033 |
(RBI-Reference Rate)
