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Rupee strengthens on selling of American currency by banks, exporters

19 Sep 2018 Evaluate

Indian rupee strengthened against the US dollar on Wednesday on account of some selling of American currency by banks and exporters. However, surging crude oil prices and intensifying US-China trade war tensions, capped the rupee’s gains. US President Donald Trump Monday night announced to impose additional 10 per cent duties on Chinese imports worth $200 billion.

The partially convertible currency is currently trading at 72.70, stronger by 27 paise from its previous close of 72.97 on Tuesday. The currency touched a high and low of 72.8150 and 72.4900 respectively. The reference rate for the dollar stood at 72.37 and for Euro stood at 84.76 on September 18, 2018. While the reference rate for the Yen stood at 64.59, the reference rate for the Great Britain Pound (GBP) stood at 95.28. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
September 18, 201872.379695.2897
September 17, 2018 72.550594.9405

(Reference Rate)

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