The Indian rupee opened 11 paise higher at 87.25 against the US dollar on August 19 as compared to 87.36 against the greenback at previous close.
The currency is getting support from GST reforms announced by the Prime Minister Modi during the Independence Day address, in a push for self-reliance amid uncertainty over India-US trade deal.
"Rupee is expected to trade in a range of 87.20 to 87.60 today," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
"The rupee’s recent rally reflects optimism around domestic reforms and equities, though external risks remain elevated," said Amit Pabari, managing director at CR Forex Advisors.
The Finance Ministry said the Centre has sent its proposal on rate rationalisation and reforms - specifically linked to structural reforms, rate rationalisation, and ease of living - to the group of ministers (GoM) constituted by the GST Council.
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