Rupee strengthens on mild selling of American currency by exporters

Indian rupee strengthened against the US dollar on Friday on mild selling of the American currency by exporters. Further, weakness in dollar against other currencies overseas also supported the rupee but weakness in the domestic equity market, capped the gains. On the global front, the dollar clawed back some ground against its major peers on Friday ahead of the US non-farm payrolls report later in the day, but remained captive to jitters over a tightening US presidential election race.

The partially convertible currency is currently trading at 66.72, stronger by 2 paise from its previous close of 66.74 on Thursday. The currency touched a high and low of 66.7375 and 66.7025 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.69 and for Euro stood at 74.15 on November 03, 2016. While the RBI’s reference rate for the Yen stood at 64.95, the reference rate for the Great Britain Pound (GBP) stood at 82.24.The reference rates are based on 12 noon rates of a few select banks in Mumbai.