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Rupee recovers from 2-day continuous drubbing

19 Sep 2018 Evaluate

Snapping its 2 days continuous drubbing, Indian rupee recovered against the American currency on Friday following selling of dollar by exporters as well as banks. Support came with report stating that the finance ministry on September 18 asked ministries to shortlist commodities and goods for import curbs by increasing customs duty, to ease the pressure on the rupee and keep the widening Current Account Deficit (CAD) on check. Rupee sentiments also remained positive with another report stating that Indian farmers and US manufacturers of medical devices could be among the main winners in a trade package under negotiation, as the US and India look to remove long-standing irritants to ties. On the global front, the US dollar was lower against other currencies on Wednesday amid trade war tensions while the pound rose after better than expected inflation data.

Finally, the rupee ended at 72.37, 60 paise stronger from its previous close of 72.97 on Tuesday. The currency touched a high and low of 72.87 and 72.35 respectively. The reference rate for the dollar stood at 72.67 and for Euro stood at 84.90 on September 19, 2018. While the reference rate for the Yen stood at 64.69, the reference rate for the Great Britain Pound (GBP) stood at 95.59. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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