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Rupee strengthens on continued selling of American currency by exporters, banks

12 Feb 2019 Evaluate

Indian Rupee strengthened against the US dollar on Tuesday, on account of continued selling of the American currency by exporters and banks. Besides, optimism ahead of index of industrial production (IIP) numbers for December and retail inflation for January, and the dollar weakening against some other currencies overseas, also supported the domestic unit. On the global front, the dollar held steady versus its peers, hovering close to its 2019 high as US-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal.

The partially convertible currency is currently trading at 70.94, stronger by 24 paise from its previous close of 71.18 on Monday. The currency touched a high and low of 71.2100 and 70.9250 respectively. The reference rate for the dollar stood at 71.16 and for Euro stood at 80.58 on February 11, 2019. While the reference rate for the Yen stood at 64.71, the reference rate for the Great Britain Pound (GBP) stood at 92.02.

Date1US$1GBP
February 11, 201971.162192.0216
February 8, 201971.294992.2936

(Reference Rate)

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