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Rupee strengthens against US dollar on persistent foreign fund inflows

20 Nov 2018 Evaluate

Indian rupee strengthened against the US dollar on Tuesday on persistent foreign fund inflows and softening crude oil prices. Rupee also got some support after the outcome from the RBI’s board meeting on Monday removed uncertainty over a growing rift over policy decisions between the government and the central bank. On the global front, the dollar hovered near a two-week low against its peers as cautious comments by Federal Reserve officials over the global outlook and weak data at home raised questions over whether the US central bank will slow down its rate increases.

The partially convertible currency is currently trading at 71.36, stronger by 31 paise from its previous close of 71.67 on Monday. The currency touched a high and low of 71.4350 and 71.2775 respectively. The reference rate for the dollar stood at 71.90 and for Euro stood at 81.94 on November 19, 2018. While the reference rate for the Yen stood at 63.74, the reference rate for the Great Britain Pound (GBP) stood at 92.19. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 19, 201871.900792.1983
November 16, 201871.802391.9247

(Reference Rate)

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