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Rupee weakens on fresh demand for American currency from importers

16 Oct 2015 Evaluate

Indian rupee weakened against dollar in early deals on Friday, on fresh demand for the US currency among importers amid shrinking exports in September. Besides, firmness of dollar against major global currencies and a lower opening in the domestic equity markets have dampened the rupee sentiment. On the global front, the dollar was well supported on Friday after rebounding from 7-week lows on the back of stronger-than-expected US inflation data and after European Central Bank policy maker Ewald Nowotny raised expectations for further euro zone easing.

The partially convertible currency is currently trading at 64.98, weaker by 16 paise from its previous close of 64.82 on Thursday. The currency touched a high and low of 65.0125 and 64.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.82 and for Euro stood at 74.50 on October 15, 2015. While, the RBI’s reference rate for the Yen stood at 54.61 the reference rate for the Great Britain Pound (GBP) stood at 100.4124. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$ 1GBP
October 15, 201564.8240100.4124
October 14, 201565.112399.4981

(RBI-Reference Rate)

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