Rupee strengthens on fresh selling of the American currency by exporters

Indian rupee strengthened against dollar in early deals on Friday on fresh selling of the American currency by exporters and a rebound in domestic equity market in early hours. Besides, dollar’s weakness against other currencies overseas after durable goods data in US suggested weakening growth in the country, indicating US Federal Reserve will adopt a slower pace of hiking interest rates going ahead, too supported the rupee. On the global front, the yen dived on Friday after the Bank of Japan stunned financial markets by adopting a negative interest rate policy.

The partially convertible currency is currently trading at 67.99, stronger by 23 paise from its previous close of 68.22 on Thursday. The currency touched a high and low of 68.1250 and 67.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.08 and for Euro stood at 74.06 on January 28, 2016. While the RBI’s reference rate for the Yen stood at 57.36, the reference rate for the Great Britain Pound (GBP) stood at 97.0155. The reference rates are based on 12 noon rates of a few select banks in Mumbai.   

(RBI-Reference Rate)