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Rupee strengthens on increased selling American currency by exporters, banks

22 Oct 2018 Evaluate

Indian rupee strengthened against the US dollar on Monday on increased selling of American currency by exporters and banks amid easing crude prices. Further, weakness in the dollar against a few currencies overseas and early gains in domestic equities gave some support to the rupee. On the global front, the euro and the British pound managed to hold steady against the dollar as investors cautiously awaited developments around Brexit as well as Italy’s budget plan which drew heavy criticism from the European Union.

The partially convertible currency is currently trading at 73.26, stronger by 6 paise from its previous close of 73.32 on Friday. The currency touched a high and low of 73.3800 and 73.1900 respectively. The reference rate for the dollar stood at 73.43 and for Euro stood at 84.17 on October 19, 2018. While the reference rate for the Yen stood at 65.27, the reference rate for the Great Britain Pound (GBP) stood at 95.65. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
October 19, 201873.435495.6525
October 17, 201873.484696.8684

(Reference Rate)

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