Rupee picks up 4 paise against US Dollar

The INR opened higher by four paisa at 66.68/Dollar as against the previous close of 66.72/$.

Pound regained some lost ground, helped by speculation that British Government will assess the deal to quit EU. This is translated as bullish for the currency, as there is a perception that most of the legislators are not in favor of a hard stance on Brexit, a divergent view than PM Theresa May. Sterling was also helped by the uptick in inflation. However, rise in inflation just because weak Pound and not improvement in aggregate demand.

The Indian currency ended higher by 16 paisa at 66.73/$. The local unit had hit a high of 66.83 and a low of 66.98 today.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.72 and for the Euro stood at 73.54. The RBI’s reference rate for the Yen stood at 64.14; reference rate for the Great Britain Pound (GBP) stood at 81.7136.

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