Indian rupee strengthened against the US dollar on Wednesday as crude oil prices slipped from 2019 highs due to soaring US production undermined efforts led by producer club OPEC to cut supply to tighten global markets. Rupee rose further on some selling in American currency by banks and exporters. Though, in the equity market, foreign investors (FIIs) pulled out a total of Rs 813.76 crore from the market on Tuesday while domestic investors (DIIs) infused a total of Rs 1,163.85 crore, data showed. Money market was closed on Tuesday on the account of Chhatrapati Shivaji Jayanti. On the global front, the dollar was capped against its peers on Wednesday on falling US yields and before the Federal Reserve’s policy meeting minutes, though it managed to gain on the yen as stronger investor risk appetite curbed demand for the Japanese currency.
The partially convertible currency is currently trading at 71.24, stronger by 10 paise from its previous close of 71.34 on Monday. The currency touched a high and low of 71.3400 and 71.1850 respectively. The reference rate for the dollar stood at 71.47 and for Euro stood at 80.81 on February 18, 2019. While the reference rate for the Yen stood at 64.64, the reference rate for the Great Britain Pound (GBP) stood at 92.26.
| Date | 1US$ | 1GBP |
| February 18, 2019 | 71.4705 | 92.2689 |
| February 15, 2019 | 71.2515 | 91.2261 |
(Reference Rate)
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