Currency News: RBI sets new reference rate for the Rupee
Currency News
The Reserve Bank of India (RBI) today fixed the reference rate of the rupee at 66.3840 against the US dollar and 70.5529 for the euro. These rates were 66.3490 and 70.4693, respectively, yesterday.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 100.4523 and 54.10 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
The Indian Rupee has begun its recovery from a two-month low against the dollar. Reasons for the increase are due to fresh selling of the US currency by exporters and banks. Moreover, weakness in dollar against numerous other currencies overseas also supported the rising rupee.
On Monday, the rupee had lost 28 paise to close at more than two-month low of 66.47 against the US dollar on fresh month-end demand for the American currency from importers and banks amidst volatile equity markets.
