Indian rupee strengthened against the US dollar on Friday on account of fresh selling of the American currency by exporters and banks. Further, the greenback’s weakness against other currencies overseas too supported the rupee. A firm domestic equity market also influenced the rupee uptrend. On the global front, the dollar hovered below a 4-1/2-month high against a basket of major currencies after tepid US inflation data prompted traders to pare bets of faster rate hikes. US consumer prices rose less than expected in April, which would support gradual, rather than more aggressive, rate increases by the Federal Reserve. The so-called core CPI, which strips out the volatile food and energy components, rose 0.1 percent from previous month, compared to economists’ median forecast of 0.2 percent rise.
The partially convertible currency is currently trading at 67.22, stronger by 9 paise from its previous close of 67.31 on Thursday. The currency touched a high and low of 67.2250 and 67.1100 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.37 and for Euro stood at 79.89 on May 10, 2018. While the RBI’s reference rate for the Yen stood at 61.34, the reference rate for the Great Britain Pound (GBP) stood at 91.38. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 10, 2018 | 67.3786 | 91.3856 |
| May 09, 2018 | 67.3815 | 91.0863 |
(RBI-Reference Rate)
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