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Rupee turns weak after a good start

04 Sep 2015 Evaluate

Indian rupee was trading weak against dollar on Friday after local equity markets fell over 500 points. However, selling of the US currency by exporters and banks along with dollar’s weakness against major world currencies capped some losses. On the global front, the euro nursed losses early on Friday, having come under broad pressure after the European Central Bank gave a sobering assessment of the euro zone economy and suggested it may have to beef up its already massive stimulus program. Globally, all eyes are on the US jobs data. Figures on US unemployment rate and non-farm payrolls, scheduled for release later today, are expected to provide hints on whether the US Federal Reserve is on track to hike interest rates during its two-day money policy review beginning September 16.

The partially convertible currency is currently trading at 66.39, weaker by 15 paise from its previous close of 66.24 on Thursday. The currency touched a high and low of 66.4450 and 66.10 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.22 and for Euro stood at 74.33 on September 3, 2015. While, the RBI’s reference rate for the Yen stood at 54.98, the reference rate for the Great Britain Pound (GBP) stood at 101.2229. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
September 03, 201566.2280101.2229
September 02, 201566.1638101.2174

(RBI-Reference Rate)

 

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