Rupee strengthens against dollar in early deals on Monday

Indian rupee strengthened against dollar in early deals on Monday on increased selling of the US currency by exporters and banks amid a higher opening in the domestic equity market. Besides, dollar’s weakness against some other currencies overseas supported the rupee. Forex and money markets were closed on Friday on account of Gudi Padwa. On the global front, demand for the yen showed little signs of abating on Monday, with the currency reaching a fresh 17-month high, prompting the Japanese government to warn that it could take steps to weaken the exchange rate.

The partially convertible currency is currently trading at 66.39, stronger by 7 paise from its previous close of 66.46 on Thursday. The currency touched a high and low of 66.4650 and 66.3275 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.46 and for Euro stood at 75.89 on April 07, 2016. While the RBI’s reference rate for the Yen stood at 61.04, the reference rate for the Great Britain Pound (GBP) stood at 94.0415. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

(RBI-Reference Rate)