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Rupee recovers on fresh selling of American currency by exporters, banks

22 May 2018 Evaluate

Indian rupee recovered against the US dollar on Tuesday on account of fresh selling of the American currency by exporters and banks. Further, the dollar’s weakness against other currencies overseas too supported the rupee. The rupee sentiment was also buoyed on easing trade woes between the US and China. On the global front, the dollar traded below a five-month high against a basket of currencies on Tuesday, catching its breath after a broad rally inspired by rising US bond yields and relief at an easing of US-China trade tensions.

The partially convertible currency is currently trading at 67.97, stronger by 15 paise from its previous close of 68.12 on Monday. The currency touched a high and low of 68.0375 and 67.9300 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.08 and for Euro stood at 79.92 on May 21, 2018. While the RBI’s reference rate for the Yen stood at 61.15, the reference rate for the Great Britain Pound (GBP) stood at 91.40. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
May 21, 201868.088391.4085
May 18, 201867.957791.8788

(RBI-Reference Rate)

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