Rupee strengthens on dollar-selling by exporters, banks

Indian rupee strengthened against the US dollar on Friday due to dollar-selling by exporters and banks and easing crude oil prices. Further, the US mid-tem election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee. The Democrats now have majority in the 435-member House, while Trump's party has retained majority in the 100-member Senate. Meanwhile, the forex market was closed on Wednesday and Thursday on account of 'Diwali' and 'Diwali Balipratipada' respectively. On the global front, the dollar gained versus the euro and sterling on Friday as the US Federal Reserve kept interest rates steady but reaffirmed its monetary tightening stance, setting the stage for a rate hike in December.

The partially convertible currency is currently trading at 72.74, stronger by 26 paise from its previous close of 73.00 on Tuesday. The currency touched a high and low of 72.8275 and 72.6500 respectively. The reference rate for the dollar stood at 73.00 and for Euro stood at 83.26 on November 6, 2018. While the reference rate for the Yen stood at 64.37, the reference rate for the Great Britain Pound (GBP) stood at 95.30. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

November 06, 201873.009795.3020
November 05, 201873.074094.9845

(Reference Rate)