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Rupee trades weak for second straight session on month-end dollar demand

26 May 2015 Evaluate

Indian rupee, extending its losing streak for second straight session was trading weak against dollar on Tuesday on account of month-end dollar demand amidst strength of American currency overseas. The currency after making a weak start lost more ground to trade weaker also tailing negative local equities. On the global front, dollar scaled a one month-high against basket of major currencies on Tuesday, having remained bid after comments from Federal Reserve Chair Janet Yallen reinforced a tightening bias on interest rates.

The partially convertible currency is currently trading at 63.77, weaker by 21 paise from its previous close of 63.56 on Monday. The currency touched a high and low of 63.82 and 63.61 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.62 and for Euro stood at 69.93 on May 25, 2015. While, the RBI’s reference rate for the Yen stood at 52.34, the reference rate for the Great Britain Pound (GBP) stood at 98.5072. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
May 25, 201563.62 98.5072
May 22, 201563.57 99.6694

(RBI-Reference Rate)

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