Indian rupee strengthened against the US dollar on Thursday, driven by weakening of the American currency in overseas markets after the US Federal Reserve kept interest rate unchanged and said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the US economic outlook. Besides, selling of the American currency by exporters, fresh foreign fund inflows and firm domestic equities also supported the domestic unit, while surging crude oil prices restricted the uptrend. Foreign funds purchased shares worth Rs 130.25 crore from the capital markets on a net basis, and domestic institutional investors also bought shares worth Rs 502.26 crore Wednesday, provisional data showed. On the global front, the dollar fell versus its peers after the Federal Reserve took a dovish turn at its latest policy meeting, a shift that stoked broader investor sentiment and supported currencies such as the Australian dollar and the euro.
The partially convertible currency is currently trading at 71.04, stronger by 8 paise from its previous close of 71.12 on Wednesday. The currency touched a high and low of 71.0575 and 70.8650 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 81.53 on January 30, 2019. While the reference rate for the Yen stood at 65.20, the reference rate for the Great Britain Pound (GBP) stood at 93.28.
| Date | 1US$ | 1GBP |
| January 30, 2019 | 71.2442 | 93.2867 |
| January 29, 2019 | 71.0942 | 93.5453 |
(Reference Rate)
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