Indian rupee strengthened against the US dollar on Thursday, on account of continued selling of the American currency by exporters and banks amid foreign capital inflows. Besides, a higher opening of the domestic equity markets also boosted the local unit. However, the dollar's strength against some currencies overseas capped the gains. On the global front, the yen was broadly higher on Thursday, on trade tensions and on revelations the Bank of Japan is under pressure to move away from its accommodative policy, while the New Zealand dollar slid on a decidedly dovish policy stance by nation’s central bank.
The partially convertible currency is currently trading at 68.60, stronger by 2 paisa from its previous close of 68.62 on Wednesday. The currency touched a high and low of 68.6175 and 68.4500 respectively. The reference rate for the dollar stood at 68.64 and for Euro stood at 79.71 on August 8, 2018. While the RBI’s reference rate for the Yen stood at 61.74, the reference rate for the Great Britain Pound (GBP) stood at 88.81. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
