Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Local currency got support with International Monetary Fund’s (IMF) projection that India will grow at 7.4% in 2018 as against China’s 6.8%, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the Goods and Services Tax (GST). It has also projected a 7.8% growth rate for India in 2019. Besides, strong rally in local equity market too supported the rupee. On the global front, dollar edged higher as some investors judged that its recent decline to a three-year low may be coming to a close amid growing concern over the US stance on global trade.
Finally, the rupee ended at 63.78, 10 paise stronger from its previous close of 63.88 on Monday. The currency touched a high and low of 63.90 and 63.74 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.77 and for Euro stood at 78.21 on January 23, 2018. While the RBI's reference rate for the Yen stood at 57.57, the reference rate for the Great Britain Pound (GBP) stood at 89.20. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
