Indian rupee strengthened against the US dollar on Tuesday due to dollar selling by banks and exporters along with the greenback’s weakness against other currencies overseas. Further, gains in domestic equities also supported rupee sentiment. On the global front, the dollar succumbed to selling pressure after the US President Donald Trump accused China and Europe of manipulating their currencies and criticised the Federal Reserve for hiking interest rates.
The partially convertible currency is currently trading at 69.54, stronger by 29 paise from its previous close of 69.83 on Monday. The currency touched a high and low of 69.6525 and 69.5250 respectively. The reference rate for the dollar stood at 69.76 and for Euro stood at 79.67 on August 20, 2018. While the RBI’s reference rate for the Yen stood at 63.09, the reference rate for the Great Britain Pound (GBP) stood at 88.87. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
