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Rupee strengthens on mild selling of greenback by exporters

06 Mar 2018 Evaluate

Indian rupee strengthened against the US dollar on Tuesday on mild selling of the greenback by exporters and a higher opening in the domestic equity markets. The domestic currency improved further by tracking gains in its Asian peers. On the global front, the dollar gained against most major global currencies as concerns over a global trade war eased after investors saw Trumps proposed tariffs as more of a negotiating tactic than a hard policy proposal. Meanwhile, the euro recovered from earlier losses after an inconclusive Italian election where voters shunted mainstream parties to the sidelines.

The partially convertible currency is currently trading at 64.98, stronger by 12 paise from its previous close of 65.10 on Monday. The currency touched a high and low of 65.0300 and 64.9250 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.05 and for Euro stood at 80.03 on March 05, 2018. While the RBI’s reference rate for the Yen stood at 61.64, the reference rate for the Great Britain Pound (GBP) stood at 89.69. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
March 05, 201865.053089.6951
March 01, 201865.226189.7055

(RBI-Reference Rate)

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