Indian rupee strengthened against the US dollar on Wednesday on increased selling of the American currency by exporters and banks. Besides, the dollar falling against other currencies overseas on lingering worries about a global slowdown and continuing US-China trade worries, supported the domestic currency. However, sustained foreign fund outflows capped the gains. Reports showed Foreign Portfolio Investors (FPIs) sold shares worth a net of Rs 78.53 crore, and domestic institutional investors (DIIs) were sellers to the tune of Rs 84.15 crore Tuesday. On the global front, the safe-haven yen fell versus its peers as concerns over slowing global growth and US-Sino trade tensions dampened investors’ appetite for riskier assets.
The partially convertible currency is currently trading at 71.21, stronger by 23 paise from its previous close of 71.44 on Tuesday. The currency touched a high and low of 71.2800 and 71.1500 respectively. The reference rate for the dollar stood at 71.37 and for Euro stood at 81.04 on January 22, 2019. While the reference rate for the Yen stood at 65.23, the reference rate for the Great Britain Pound (GBP) stood at 91.89.
| Date | 1US$ | 1GBP |
| January 22, 2019 | 71.3761 | 91.8963 |
| January 21, 2019 | 71.3782 | 91.8913 |
(Reference Rate)
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