Indian rupee extending weakness for the fourth straight day, depreciated against the dollar in early trade on Thursday on sustained month-end demand for the US currency overseas amid foreign fund outflows. Besides, a lower opening of the domestic equity market dragged down the Indian unit. Furthermore, dollar strengthening against other currencies overseas ahead of a closely watched speech later in the day by Federal Reserve chief Janet Yellen, during which markets hope she will provide more clarity on the bank’s plans for an interest rate hike, also added pressure on the rupee. Indian rupee remained under pressure, as market participants remain cautious ahead of the RBI monetary policy review scheduled for next week. On the global front, the euro clung to broad gains early on Thursday, having rallied after the head of the European Central Bank downplayed the need for further monetary stimulus any time soon.
The partially convertible currency is currently trading at 66.12, weaker by 13 paise from its previous close of 65.99 on Wednesday. The currency touched a high and low of 66.2250 and 66.08 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.96 and for Euro stood at 73.37 on September 23, 2015. While, the RBI’s reference rate for the Yen stood at 54.92, the reference rate for the Great Britain Pound (GBP) stood at 101.1908. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| September 23, 2015 | 65.9696 | 101.1908 |
| September 22, 2015 | 65.6250 | 101.7319 |
(RBI-Reference Rate)
