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Rupee strengthens on increased selling of American currency by exporters, banks

22 Jun 2018 Evaluate

Indian rupee strengthened against the US dollar on Friday after increased selling of the American currency by exporters and banks. Besides, the dollar slipping from an 11-month peak against other currencies overseas also helped the rupee. Further, fresh foreign capital inflows took the local currency higher, but a lower opening of the domestic equity markets capped the rise. On the global front, the dollar pulled back from an 11-month peak against a basket of major currencies on Friday as investors took profits after the currency’s earlier rally, while sterling rebounded from a seven-month low after a slightly hawkish tilt from the Bank of England surprised the market.

The partially convertible currency is currently trading at 67.82, stronger by 17 paise from its previous close of 67.99 on Thursday. The currency touched a high and low of 67.8825 and 67.7900 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.19 and for Euro stood at 78.79 on June 21, 2018. While the RBI’s reference rate for the Yen stood at 61.61, the reference rate for the Great Britain Pound (GBP) stood at 89.58. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 21, 201868.195089.5810
June 20, 201868.083889.5983

(RBI-Reference Rate)

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