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Rupee trades weak on fresh dollar demand on Tuesday

05 May 2015 Evaluate

Indian rupee was trading weak on Tuesday on account of fresh dollar demand from oil importers in view of its strength overseas against the basket of major currencies. Additionally, weak local equities also weighed on the sentiment. The currency resumed trade after a long weekend on a weak note also on increased demand of American greenback. Money markets were shut for trade on May 1 and May 4 on account of ‘Maharashtra Day’ and ‘Buddha Pournima’ respectively. On the global front, dollar was slightly firmer against a basket of major currencies early on Tuesday, advancing against the euro and sterling in thin trade with several key financial centres shut for holidays.

The partially convertible currency is currently trading at 63.52, weaker by 9 paise from its previous close of 63.43 on Thursday. The currency touched a high and low of 63.60 and 63.45 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.57 and for Euro stood at 70.53 on April 30, 2015. While, the RBI’s reference rate for the Yen stood at 53.53, the reference rate for the Great Britain Pound (GBP) stood at 97.9864. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
April 30, 201563.57 97.9864
April 29, 201563.2097.0095

(RBI-Reference Rate)

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