Indian rupee strengthened against the US dollar on Monday on account of sustained selling of the American currency by exporters and banks amid foreign capital inflows. Foreign investors have infused over Rs 8,400 crore in the domestic equity market so far in March on expectations of a rebound in corporate earnings and easing of global oil prices. However, they offloaded nearly Rs 10,000 crore from the debt market during the period under review. Further, dollar’s weakness against a basket of global currencies too supported the domestic unit. On the global front, the dollar slipped to a 16-month low against the Japanese yen on Monday, pressured by lingering fears of a global trade war and caution towards political developments in Tokyo.
The partially convertible currency is currently trading at 64.93, stronger by 8 paise from its previous close of 65.01 on Friday. The currency touched a high and low of 64.9300 and 64.8700 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.13 and for Euro stood at 80.33 on March 23, 2018. While the RBI’s reference rate for the Yen stood at 62.13, the reference rate for the Great Britain Pound (GBP) stood at 91.95. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 23, 2018 | 65.1333 | 91.9552 |
| March 22, 2018 | 65.0622 | 92.0630 |
(RBI-Reference Rate)
