HOME > MARKETS > DEBT MARKET
  DEBT MARKET
MONEY MARKETS
Rupee strengthens against US dollar on Wednesday
Aug-14-2019

Indian rupee strengthened against the US dollar on Wednesday amid market recovery across Asia after Trump yesterday backed off his September 1 deadline for 10 percent tariffs on remaining Chinese imports. Rupee got further strength from reports showing that retail inflation eased slightly to 3.15 percent in July on the back of softening fuel and light prices, leaving room for the RBI to go for another round of rate cut in October. On the global front, the yen rose as weaker than expected Chinese economic data reinforced the view that resolving the trade war was a long way off even if US President Donald Trump had delayed some additional tariffs.

The partially convertible currency is currently trading at 71.05, stronger by 35 paise from its previous close of 71.40 on Tuesday. The currency touched a high and low of 71.0775 and 70.8500 respectively. The reference rate for the dollar stood at 70.51 and for Euro stood at 78.90 on August 9, 2019. While the reference rate for the Yen stood at 66.58, the reference rate for the Great Britain Pound (GBP) stood at 85.60.

  RELATED NEWS >>