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Rupee strengthens on increased selling of American currency by banks, exporters

17 May 2018 Evaluate

Indian rupee strengthened against the US dollar on Thursday on account of increased selling of the American currency by banks and exporters amid the greenback’s weakness against some currencies overseas. Besides, the BJP forming the government in Karnataka and a higher opening in domestic equity market too supported the rupee. On the global front,  the dollar firmed on Thursday after the euro retreated to a five-month low on concerns political developments in Italy could cause wider disruptions in the euro bloc, while rising US Treasury yields knocked emerging market currencies lower.

The partially convertible currency is currently trading at 67.70, stronger by 8 paise from its previous close of 67.78 on Wednesday. The currency touched a high and low of 67.7525 and 67.5800 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.82 and for Euro stood at 80.29 on May 16, 2018. While the RBI’s reference rate for the Yen stood at 61.52, the reference rate for the Great Britain Pound (GBP) stood at 91.68. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
May 16, 201867.827691.6826
May 15, 201867.528891.4880

(RBI-Reference Rate)

 

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