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

Indian rupee strengthened against dollar in early deals on Tuesday on increased selling of the US currency by exporters and banks. Further, strong domestic equity market and the dollar’s weakness against other currencies overseas too supported the rupee. On the global front, the dollar edged down slightly in Asian trading on Tuesday, while the Australian dollar soared after central bank minutes reduced expectations of an interest rate cut.

The partially convertible currency is currently trading at 66.69, stronger by 11 paise from its previous close of 66.80 on Monday. The currency touched a high and low of 66.7550 and 66.67 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.82 and for Euro stood at 75.59 on May 16, 2016. While the RBI’s reference rate for the Yen stood at 61.45, the reference rate for the Great Britain Pound (GBP) stood at 95.9625. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

(RBI-Reference Rate)