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Rupee strengthens on some selling in American currency by banks, exporters
Dec-18-2018

Indian rupee strengthened against the US dollar on Tuesday on account of some selling in American currency by banks and exporters and a sharp decline in global crude oil prices, amid reports of a big climb in US inventories and forecasts of record shale output stoked worries about oversupply. The domestic currency extended its gains further after the commerce ministry data showed that India’s November trade deficit narrowed to $16.67 billion compared to $17.13 billion in the previous month following drop in gold imports. On the global front, the dollar was fragile in Asian trade on Tuesday as markets speculated growth worries will prompt the Federal Reserve to signal a pause to its monetary tightening cycle at this week’s meeting.

The partially convertible currency is currently trading at 71.25, stronger by 31 paise from its previous close of 71.56 on Monday. The currency touched a high and low of 71.3500 and 71.1900 respectively. The reference rate for the dollar stood at 71.67 and for Euro stood at 81.07 on December 17, 2018. While the reference rate for the Yen stood at 63.17, the reference rate for the Great Britain Pound (GBP) stood at 90.19.

Date1US$1GBP
December 17, 201871.673090.1981
December 14, 201871.735990.5809

(Reference Rate)

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