Indian rupee strengthened against the US dollar on Tuesday as the dust settled on the political landscape in Gujarat and Himachal Pradesh and the BJP gets ready to form the next government in both states. The BJP return to power for the sixth straight term in Gujarat and unseats the Congress in Himachal Pradesh. On the global front, the dollar remained mired in its recent ranges in subdued trade on Tuesday, as optimism that the US tax reform bill would pass dueled with doubts about its ultimate effect on the economy.
The partially convertible currency is currently trading at 64.14, stronger by 9 paise from its previous close of 64.23 on Monday. The currency touched a high and low of 64.2200 and 64.1325 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.10 and for Euro stood at 75.42 on December 18, 2017. While the RBI's reference rate for the Yen stood at 56.90, the reference rate for the Great Britain Pound (GBP) stood at 85.54. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 18, 2017 | 64.1065 | 85.5437 |
| December 15, 2017 | 64.0958 | 86.1319 |
(RBI-Reference Rate)
