Indian rupee strengthened against the US dollar on Friday even after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years. Further, domestic equity markets opened on a cautious note ahead of the no-confidence motion moved by the Opposition against Prime Minister Narendra Modi-led NDA government. On the global front, the yuan slumped to a more than one year low on Friday while the dollar edged down against major peers after US President Donald Trump expressed concern about the currency’s strength.
The partially convertible currency is currently trading at 68.91, stronger by 14 paise from its previous close of 69.05 on Thursday. The currency touched a high and low of 69.1250 and 68.8500 respectively. The reference rate for the dollar stood at 68.83 and for Euro stood at 80.11 on July 19, 2018. While the RBI’s reference rate for the Yen stood at 61.01, the reference rate for the Great Britain Pound (GBP) stood at 89.93. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
