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Rupee strengthens against US dollar on Wednesday
Feb-13-2019

Indian rupee strengthened against the US dollar on Wednesday on account of positive macroeconomic data as retail inflation fell to a 19-month low of 2.05 percent in January over the previous month on continued decline in food prices. Besides, selling of the American currency by exporters supported the rupee. Furthermore, the weakness in the dollar against some currencies overseas as investors shifted their focus to riskier asset amid the US-China trade truce hopes also supported the rupees up move. On the global front, US dollar came under pressure after rallying in the past few sessions after US President Donald Trump said that he could let the March 1 deadline for a trade agreement with China ‘slide for a little while,’ but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. US tariffs on $200 billion worth of imports from China are scheduled to rise to 25% from 10% if the two sides cannot reach a deal by the deadline, increasing pain and costs in sectors from consumer electronics to agriculture.

The partially convertible currency is currently trading at 70.55, stronger by 15 paise from its previous close of 70.70 on Tuesday. The currency touched a high and low of 70.5550 and 70.4000 respectively. The reference rate for the dollar stood at 70.93 and for Euro stood at 80.02 on February 12, 2019. While the reference rate for the Yen stood at 64.15, the reference rate for the Great Britain Pound (GBP) stood at 91.26.

Date1US$1GBP
February 12, 201970.935391.2620
February 11, 201971.162192.0216

(Reference Rate)

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