Recovering from record low closing level in previous session, Indian rupee strengthened considerably against the US dollar on Monday, on fresh selling of the greenback by exporters and banks ahead of US-China trade talks this week. Weakness in the dollar coupled with positive trend in the domestic equity markets also helped the rupee to strengthen. Meanwhile, the forex market was closed on Friday on account of Parsi New Year. On the global front, the dollar sagged on Monday as investor demand for the safe-haven currency receded on optimism over a reduction in US-China trade tensions, with the focus on discussions between the two countries due this week.
The partially convertible currency is currently trading at 69.83, stronger by 33 paisa from its previous close of 70.16 on Thursday. The currency touched a high and low of 69.8750 and 69.7700 respectively. The reference rate for the dollar stood at 70.22 and for Euro stood at 79.97 on August 16, 2018. While the RBI’s reference rate for the Yen stood at 63.35, the reference rate for the Great Britain Pound (GBP) stood at 89.36. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
