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Rupee strengthens on mild selling of American currency by exporters

23 Feb 2018 Evaluate

Indian rupee strengthened against the US dollar on Friday on account of mild selling of the American currency by exporters amid firm domestic equity markets. However, the US dollar’s strength against major global currencies, capped the rupee’s gains. On the global front, the dollar edged up against the yen and other currencies on Friday, trimming earlier losses, as global investors gingerly dipped their toes back into riskier assets amid rapidly shifting views on US monetary policy.

The partially convertible currency is currently trading at 64.90, stronger by 13 paise from its previous close of 65.03 on Thursday. The currency touched a high and low of 64.9400 and 64.7950 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.04 and for Euro stood at 79.83 on February 22, 2018. While the RBI’s reference rate for the Yen stood at 60.55, the reference rate for the Great Britain Pound (GBP) stood at 90.41. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
February 22, 201865.045890.4137
February 21, 201864.816190.6583

(RBI-Reference Rate)

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