Indian rupee strengthened against the US dollar on Wednesday on account of selling of the American currency by exporters. Besides, dollar’s weakness against some currencies overseas, after US Federal Reserve Chairman Jerome Powell said that the central bank would remain alert to risks to financial stability in the wake of recent market rout, supported the rupee’s up move. Further, industrial output grew 7.1 percent in December also supported the local unit. Forex market was closed yesterday for a public holiday. On the global front, the dollar slid to a 15-month low against the yen on Wednesday, as investors remained on edge ahead of key US inflation numbers later in the day, underscoring fragile risk sentiment following the recent shakeout in equity markets.
The partially convertible currency is currently trading at 64.13, stronger by 18 paise from its previous close of 64.31 on Monday. The currency touched a high and low of 64.1475 and 64.0850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.28 and for Euro stood at 78.93 on February 12, 2018. While the RBI’s reference rate for the Yen stood at 59.14, the reference rate for the Great Britain Pound (GBP) stood at 89.02. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 12, 2018 | 64.2838 | 89.0202 |
| February 09, 2018 | 64.3686 | 89.7105 |
(RBI-Reference Rate)
