Indian rupee recovered from all-time low of 71 against the US dollar on Monday amid robust growth data for the April-June quarter of current fiscal. Data showed that India's economy grew at a two-year high of 8.2 percent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy. Besides, fresh selling of the American currency by exporters as well as banks and a higher opening in the domestic equity market too supported the rupee. On the global front, the dollar was steady on worries of a prolonged China-US trade war and after the United States and Canada ended contentious trade negotiations without a deal.
The partially convertible currency is currently trading at 70.79, stronger by 21 paise from its previous close of 71.00 on Friday. The currency touched a high and low of 70.8500 and 70.7300 respectively. The reference rate for the dollar stood at 70.92 and for Euro stood at 82.83 on August 31, 2018. While the RBI’s reference rate for the Yen stood at 63.91, the reference rate for the Great Britain Pound (GBP) stood at 92.35. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
