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Rupee strengthens on softening crude oil prices in international market
Dec-07-2018

Indian rupee strengthened against the US dollar on Friday on account of softening crude oil prices in the international market ahead of the crucial OPEC meet outcome, due later in the day. Further, firm trading in the domestic equity market after US Federal Reserve signalled a pause in rate hikes, too supported rupee sentiment. On the global front, the dollar struggled to recover in Asian trade, hobbled by fresh speculation that a widely expected rate hike later this month could be the last before Federal Reserve hits the pause button on its tightening cycle.

The partially convertible currency is currently trading at 70.53, stronger by 37 paise from its previous close of 70.90 on Thursday. The currency touched a high and low of 70.5800 and 70.4450 respectively. The reference rate for the dollar stood at 71.03 and for Euro stood at 80.54 on December 06, 2018. While the reference rate for the Yen stood at 62.99, the reference rate for the Great Britain Pound (GBP) stood at 90.29. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 06, 201871.037190.2953
December 05, 201870.517189.4458

(Reference Rate)

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