Currency

The rise in Indian currency is amid the easing food prices and continued selling of the greenback by banks and exporters.

A strong rally in equities buoyed by optimism about robust corporate earnings season also a progressing monsoon also lent support to the rupee.

A fall in global crude prices lifted sentiment in the domestic currency market despite intensifying trade tensions between US and China.

Rupee Vs US Dollar: Forex dealers said besides increased demand for the US currency from importers, persistent outflows by foreign funds and the dollar's strength against some other currencies overseas, and an escalating trade spat between the US and China also weighed on the rupee.

The rupee traded in the range of 68.73-68.85 during the session, before settling at 68.83 against the US dollar. Financial Benchmarks India Private Limited (FBIL), which today took over from RBI the responsibility of computation and dissemination of reference rate for the rupee-dollar pair (USD/INR) and other major currencies, fixed the reference rate at 68.7942 for dollar.

On Monday, the local currency (INR) gained 15 paise against the US dollar to close at 68.72.

The rupee had settled at 68.87 against the greenback last Friday, marking a recovery of 8 paise from all-time closing low of 68.95 recorded on July 5.

The rise in Indian rupee on Monday is due to increased selling of the greenback by exporters and banks.

The Reserve Bank of India (RBI), however, will not be comfortable with the currency touching 70 and would strongly defend the same, according to bankers.

Though the rupee briefly slipped below 69 levels in mid-morning deals, it managed to recoup losses on apparent intervention by the Reserve Bank, coupled with greenback selling by exporters.

After strong recovery, the rupee yesterday reversed most of its gains towards the fag-end session, losing 17 paise at 68.74 against the US dollar.

US Dollar-INR Exchange Rate: The rupee had tumbled below 69-mark for the first time ever on June 28 and hit a life-time low of 69.10.

The RBI had set a deadline of three months starting April 6 to stop dealing in bitcoins and other virtual currencies.

Rupee (INR) Dollar (USD) rate today: Rupee ended at a near five-year low of 68.80 on Monday against the resurgent dollar bull.

According to the April 6 circular, the entities regulated by the RBI are prohibited from providing any service in relation to virtual currencies.