Indian Rupee strengthened against the US dollar on Wednesday on account of increased selling of the American currency by exporters and banks, ahead of Reserve Bank of India's first bi-monthly monetary policy meet for FY19. The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, is to meet on April 4 and 5. Further, weakness in the dollar against other currencies overseas and a higher opening of the domestic equity market too supported the domestic unit. On the global front, the dollar eased against the yen on Wednesday, with the outlook clouded by worries that escalating US-China trade tensions could exert a toll on the global economy and US growth.
The partially convertible currency is currently trading at 64.91, stronger by 11 paise from its previous close of 65.02 on Tuesday. The currency touched a high and low of 64.9800 and 64.9050 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.02 and for Euro stood at 80.09 on April 03, 2018. While the RBI’s reference rate for the Yen stood at 61.31, the reference rate for the Great Britain Pound (GBP) stood at 91.45. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 03, 2018 | 65.0240 | 91.4563 |
| March 28, 2018 | 65.0441 | 92.2846 |
(RBI-Reference Rate)
