Rupee holds ground after a strong start; dollar’s strength restrict further gains

The rupee is trading at 63.76/$, stronger by 5 paise from its previous close of 63.81/$ on Friday

Indian rupee, after making tad strong start, continued holding ground against dollar on Monday on fresh selling of American currency by exporters and banks. Besides, positive local equities also helped Indian currency snapped its three days failing streak. However, further gains of local currency were restricted on account of dollar’s strength against the basket of other major currencies overseas. On the global front,  dollar held to a four-month high against a basket of currencies in Asian trade on Monday, after solid US jobs data bolstered the case for US Federal Reserve raising interest rates as early as September.

The rupee is trading at 63.76/$, stronger by 5 paise from its previous close of 63.81/$ on Friday. The currency touched a high and low of 63.73/$ and 63.79/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.80 and for Euro stood at 69.65 on August 07, 2015. While, the RBI’s reference rate for the Yen stood at 51.13, the reference rate for the Great Britain Pound (GBP) stood at 98.9250.