Indian rupee strengthened against the US dollar on Tuesday on account of increased selling of the American currency by exporters and banks. Besides, sustained foreign fund inflows and record gains in domestic equity markets too supported the rupee. Rupee improved further after the IMF said India is going to get back the tag of fastest-growing major economy soon. In a January update of the World Economic Outlook, the IMF said India is set to grow 7.4% in 2018-19, against 6.7% this year, outpacing China's. However, the dollar’s recovery against some currencies overseas restricted the local unit’s uptrend.
The partially convertible currency is currently trading at 63.81, stronger by 7 paise from its previous close of 63.88 on Monday. The currency touched a high and low of 63.9000 and 63.7600 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.88 and for Euro stood at 78.12 on January 22, 2018. While the RBI's reference rate for the Yen stood at 57.64, the reference rate for the Great Britain Pound (GBP) stood at 88.59. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 22, 2018 | 63.8895 | 88.5956 |
| January 19, 2018 | 63.7183 | 88.6449 |
(RBI-Reference Rate)
