Indian rupee strengthened against the American currency on Tuesday, on good bouts of dollar-selling by banks and exporters. However, continued US-China trade war concerns and political uncertainty in the UK restricted the rupee’s upward sentiment. On the global front, the US dollar firmed against the basket of currencies in early Asian trade, while the pound stayed fragile after falling to an 11-month low against the dollar overnight on worries over a hard Brexit from the European Union, while simmering US-China trade tensions provided support to the greenback.
The partially convertible currency is currently trading at 68.82, stronger by 6 paise from its previous close of 68.88 on Monday. The currency touched a high and low of 68.9350 and 68.7850 respectively. The reference rate for the dollar stood at 68.68 and for Euro stood at 79.38 on August 6, 2018. While the RBI’s reference rate for the Yen stood at 61.71, the reference rate for the Great Britain Pound (GBP) stood at 89.25. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
