Indian rupee strengthened marginally against the US dollar on Wednesday, on selling of the American currency by banks and exporters. Sentiments got some support with Finance Minister Nirmala Sitharaman’s statement that the government is not underestimating the slow Gross Domestic Product (GDP) growth and has full focus on how it can rise in the next quarter. She also added that the government is trying to revive demand and consumption in the country. Moreover, positive gains in the domestic equities supported the domestic unit. On the global front, dollar steadied on Wednesday as investors appetite for risk showed cautious improvement and the yen weakened in the shift away from safe havens, but currencies kept to tight ranges ahead of a series of major central bank meetings over the next week.
The partially convertible currency is currently trading at 71.69, stronger by 2 paise from its previous close of 71.71 on Monday. The currency touched a high and low of 71.8400 and 71.6700 respectively. The reference rate for the dollar stood at 71.58 and for Euro stood at 78.93 on September 9, 2019. While the reference rate for the Yen stood at 66.98, the reference rate for the Great Britain Pound (GBP) stood at 87.82.
