Indian rupee strengthened against the US dollar on Friday after the Reserve Bank of India’s (RBI) surprise repo rate cut and change in its policy stance to 'neutral' from the earlier ‘calibrated tightening’. In RBI’s sixth bi-monthly monetary policy review on Thursday, the RBI surprisingly reduced the repo rate by 25 basis points to 6.25 percent. Besides, weakening of the US dollar as against other currencies overseas and easing crude prices supported the local unit. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 418.01 crore, and domestic institutional investors (DIIs) purchased shares worth Rs 294.11 crore on Thursday, provisional data showed. On the global front, the dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of US-China trade negotiations and broader worries about slowing global growth.
The partially convertible currency is currently trading at 71.30, stronger by 15 paise from its previous close of 71.45 on Thursday. The currency touched a high and low of 71.4425 and 71.2600 respectively. The reference rate for the dollar stood at 71.46 and for Euro stood at 81.20 on February 07, 2019. While the reference rate for the Yen stood at 65.00, the reference rate for the Great Britain Pound (GBP) stood at 92.44.
| Date | 1US$ | 1GBP |
| February 7, 2019 | 71.4688 | 92.4478 |
| February 6, 2019 | 71.5731 | 92.6886 |
(Reference Rate)
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