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Rupee strengthens on increased selling of US currency by exporters, banks
Nov-16-2018

Indian rupee strengthened against the US dollar on Friday on account of increased selling of the US currency by exporters and banks. Besides, increased foreign fund inflows and a firm equity markets too supported domestic currency. On the global front, the British pound struggled to stay afloat in Asian trade on Friday having suffered a tumultuous slide overnight, as investors’ feared political turmoil in the country could see it crash out of the European Union without a divorce deal. Both the dollar and the yen benefited from a deepening crisis for UK Prime Minister Theresa May after the resignation of key ministers from her government imperiled her Brexit plan.

The partially convertible currency is currently trading at 71.80, stronger by 17 paise from its previous close of 71.97 on Thursday. The currency touched a high and low of 71.9600 and 71.7775 respectively. The reference rate for the dollar stood at 72.16 and for Euro stood at 81.82 on November 15, 2018. While the reference rate for the Yen stood at 63.55, the reference rate for the Great Britain Pound (GBP) stood at 93.95. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 15, 201872.1600 93.9518
November 14, 201872.103993.6961

(Reference Rate)

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