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Rupee strengthens on some selling in American currency by banks, exporters

24 Jan 2019 Evaluate

Indian rupee strengthened against the US dollar on Thursday on account of some selling in American currency by banks and exporters. Besides, dollar’s weakness against other currencies overseas and gains in domestic equity markets too supported the rupee. Further, slipping of global crude oil prices, too added support to the domestic unit. On the global front, the dollar was hamstrung versus its rivals on Thursday, restrained by concerns over global growth, the US government shutdown and a yet-unresolved US-Sino trade dispute. Pound on the other hand rose above 1.3 levels on signs that British lawmakers will move to prevent a disorderly no-deal exit from the European Union. Market participants will be keeping an eye on the ECB policy statement to gauge a view for the Euro against the US dollar.

The partially convertible currency is currently trading at 71.28, stronger by 5 paise from its previous close of 71.33 on Wednesday. The currency touched a high and low of 71.3050 and 71.1900 respectively. The reference rate for the dollar stood at 71.20 and for Euro stood at 80.93 on January 23, 2019. While the reference rate for the Yen stood at 64.94, the reference rate for the Great Britain Pound (GBP) stood at 92.20.

Date1US$1GBP
January 23, 201971.203992.2067
January 22, 2019 71.376191.8963

(Reference Rate)

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