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

12 Feb 2018 Evaluate

Indian rupee strengthened against the US dollar on Monday on account of fresh selling of the American currency by exporters and banks amid a higher opening in domestic equity markets. Further, dollar’s losses against major global currencies overseas after last week’s rally too supported the rupee. On the global front, the yen edged higher versus the dollar on Monday, but traded below a five-month high as a bounce in US equities late last week dampened demand for traditional safe haven currencies.

The partially convertible currency is currently trading at 64.26, stronger by 13 paise from its previous close of 64.39 on Friday. The currency touched a high and low of 64.2950 and 64.2400 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.36 and for Euro stood at 78.89 on February 09, 2018. While the RBI’s reference rate for the Yen stood at 59.06, 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.

Date1US$1GBP
February 09, 201864.368689.7105
February 08, 201864.161689.1910

(RBI-Reference Rate)

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