Indian rupee strengthened against US dollar on Thursday due to increased selling of the greenback by exporters and banks. Traders took note of report that Union minister Ravi Shankar Prasad termed the low Gross Domestic Product (GDP) growth as a ‘temporary phenomenon’, and said things will improve in future as the fundamentals of Indian economy are strong. He added that the fundamentals of Indian economy are very strong. On the global front, US dollar surged to a six-week high against the Japanese yen as the market sentiment received a boost from the latest developments in the US-China trade war.
The partially convertible currency is currently trading at 71.33, stronger by 33 paise from its previous close of 71.66 on Wednesday. The currency touched a high and low of 71.4600 and 71.3000 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.
