Indian rupee strengthened against US dollar on Wednesday even after increased demand for the US currency from importers and banks amid sustained foreign fund outflows. On the global front, the euro was buried near multi-month lows against major rivals on Wednesday as Italy’s political crisis deepened, raising the likelihood of an early election that some market players fear could lead to a eurosceptic government in Rome.
The partially convertible currency is currently trading at 67.66, stronger by 22 paise from its previous close of 67.88 on Tuesday. The currency touched a high and low of 67.9100 and 67.6650 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.82 and for Euro stood at 78.69 on May 29, 2018. While, the RBI’s reference rate for the Yen stood at 62.27, the reference rate for the Great Britain Pound (GBP) stood at 90.16. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 29, 2018 | 67.8201 | 90.1668 |
| May 28, 2018 | 67.4430 | 89.8880 |
(RBI-Reference Rate)
