Indian rupee strengthened against the US dollar on Tuesday due to increased dollar selling by banks and exporters. Besides, dollar’s weakness against some currencies overseas, including the euro, also supported the rupee. On the global front, the yen slipped on Tuesday on news a Japanese chipmaker was buying a US peer for $6.7 billion, while sterling held onto overnight gains after the European Union’s top negotiator raised hopes a Brexit deal can be struck in the coming weeks.
The partially convertible currency is currently trading at 72.37, stronger by 8 paise from its previous close of 72.45 on Monday. The currency touched a high and low of 72.5100 and 72.2775 respectively. The reference rate for the dollar stood at 72.57 and for Euro stood at 83.80 on September 10, 2018. While the RBI’s reference rate for the Yen stood at 65.42, the reference rate for the Great Britain Pound (GBP) stood at 93.73. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
