Indian rupee weakened on Wednesday to a level last seen in September 2013, due to sustained demand for dollar from banks and importers following Yuan devaluation. Furthermore, a weak trade in the local equity markets also weighed on the sentiments of the domestic currency. Meanwhile, the government failed to pass goods and services tax (GST) bill in the monsoon session. On the global front, dollar fell against a basket of currencies, coming under pressure as Treasury yields dropped on doubts over whether the US Federal Reserve will raise interest rates in the wake of China’s devaluation of the Yuan for the second consecutive day.
Finally, the rupee ended at 64.77, 57 paise weaker from its previous close of 64.20 on Tuesday. The currency touched a high and low of 64.94 and 64.55 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.82 and for Euro stood at 71.82 on August 12, 2015. While, the RBI’s reference rate for the Yen stood at 51.91, the reference rate for the Great Britain Pound (GBP) stood at 101.0005. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
