Indian rupee strengthened against the US dollar on Monday on account of fresh selling of American currency by exporters and banks amid foreign capital inflows. Besides, dollar’s weakness against a basket of currencies overseas despite strong US jobs report data, and early gains in domestic equity markets too supported the rupee. The rupee improved further ahead of key Consumer Price Index-based (CPI) inflation and Index of Industrial Production (IIP) data due later today. On the global front, the dollar fall against the yen on Monday, as traders worried that a suspected cronyism scandal in Japan involving the sale of state-owned land could dampen investors’ risk appetites.
The partially convertible currency is currently trading at 64.97, stronger by 19 paise from its previous close of 65.16 on Friday. The currency touched a high and low of 65.0150 and 64.9400 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.07 and for Euro stood at 80.16 on March 09, 2018. While the RBI’s reference rate for the Yen stood at 60.97, the reference rate for the Great Britain Pound (GBP) stood at 89.85. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 09, 2018 | 65.0784 | 89.8537 |
| March 08, 2018 | 64.9212 | 90.2275 |
(RBI-Reference Rate)
