Rupee strengthens on fresh selling of US currency by banks and exporters

Indian rupee strengthened against dollar in early deals on Thursday on fresh selling of the US currency by banks and exporters. Besides, a higher opening in the domestic equity market also helped the rupee to strengthen against the dollar. Rupee sentiment improved further on dollar’s weakness against major world currencies after the Fed minutes of January 26-27 meeting suggested that the US central bank was worried over the weakness in the global economy and its likely impact on the US.

The partially convertible currency is currently trading at 68.45, stronger by 2 paise from its previous close of 68.47 on Wednesday. The currency touched a high and low of 68.50 and 68.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.59 and for Euro stood at 76.61 on February 17, 2016. While the RBI’s reference rate for the Yen stood at 60.32, the reference rate for the Great Britain Pound (GBP) stood at 98.0180. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

(RBI-Reference Rate)