Indian rupee strengthened against US dollar on Monday on account of selling of American currency by banks and exporters. Furthermore, domestic equity markets were trading in the green, too supported rupee uptrend. Meanwhile, traders are cautious ahead of the consumer price inflation (CPI) and wholesale price inflation (WPI) data due later on today. On the global front, the dollar’s recent rally ran out of steam on Monday with US yields sinking as investors wound back expectations that the US Federal Reserve will launch a series of rapid rate hikes this year.
The partially convertible currency is currently trading at 67.25, stronger by 8 paise from its previous close of 67.33 on Friday. The currency touched a high and low of 67.3150 and 67.2025 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.22 and for Euro stood at 80.08 on May 11, 2018. While the RBI’s reference rate for the Yen stood at 61.43, the reference rate for the Great Britain Pound (GBP) stood at 90.87. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 11, 2018 | 67.2203 | 90.8751 |
| May 10, 2018 | 67.3786 | 91.3856 |
(RBI-Reference Rate)
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