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Rupee weakens on fresh demand for US currency from importers

15 Sep 2015 Evaluate

Indian rupee weakened against dollar in early deals on Tuesday due to fresh dollar demand from importers. Besides, a weak opening in the domestic equity market too weighed on domestic currency. A weakness in the US dollar against major world currencies in the global market, however, limited the rupee fall. The US Federal Reserve is scheduled to meet on 16-17 September, the outcome for which is eagerly awaited as many believe the Fed may start hardening its stance, or at least give a clear path of rate hikes, following the meetings.

The partially convertible currency is currently trading at 66.42, weaker by 9 paise from its previous close of 66.33 on Monday. The currency touched a high and low of 66.4550 and 66.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.37 and for Euro stood at 75.32 on September 14, 2015. While, the RBI’s reference rate for the Yen stood at 55.18, the reference rate for the Great Britain Pound (GBP) stood at 102.5429. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
September 14, 201566.3708102.5429
September 11, 201566.3866102.5939

(RBI-Reference Rate)

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