Indian rupee, after making a strong start, recouped more ground and was trading stronger against dollar on Friday tracking positive local equities. Besides, dollar sales by exporters also provided required impetus to Indian currency. However, further uptick of Indian currency is unlikely on account of prevailing caution ahead of RBI policy meet on August 4. India’s central bank is unlikely to tweak policy before October, particularly with retail inflation at an eight-month high after food prices spiked. On the global front, dollar recovered slightly against the yen on Monday, after suffering a setback late last week when subdued U.S. wage growth clouded the outlook over when U.S. interest rates were likely to rise.
The partially convertible currency is currently trading at 63.97/$, stronger by 17 paise from its previous close of 64.14 on Friday. The currency touched a high and low of 63.94/$ and 64.01/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.00 and for Euro stood at 70.16 on July 31, 2015. While, the RBI’s reference rate for the Yen stood at 51.55, the reference rate for the Great Britain Pound (GBP) stood at 99.8356.
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