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Rupee strengthens on dollar selling by exporters, banks

15 Feb 2018 Evaluate

Indian rupee strengthened against the US dollar on Thursday on account of dollar selling by exporters and banks amid firm equities. The dollar’s weakness against other currencies overseas also supported the rupee sentiment. Meanwhile, traders remained cautious ahead of the Wholesale Price Inflation data due later today. On the global front, the dollar extended its losses against the yen and hit a fresh 15-month low on Thursday, with market participants bracing for further near-term weakness in the US currency.

The partially convertible currency is currently trading at 63.93, stronger by 15 paise from its previous close of 64.08 on Wednesday. The currency touched a high and low of 63.9825 and 63.8925 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.12 and for Euro stood at 79.38 on February 14, 2018. While the RBI’s reference rate for the Yen stood at 59.84, the reference rate for the Great Britain Pound (GBP) stood at 89.17. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
February 14, 2018 64.1259 89.1735
February 12, 201864.283889.0202

(RBI-Reference Rate)

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