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Rupee weakens against dollar in early deals on Monday

26 Oct 2015 Evaluate

Indian rupee weakened against dollar in early deals on Monday in line with a fall seen in many other Asian currencies, following a 25 basis points interest rate cut by the Chinese central Bank on Friday. This was the sixth rate cut by the Chinese central bank since November 2014. Further, cautiousness ahead of the US Federal Reserve meeting scheduled for 27-28 October also weighed on the domestic currency. However, a higher opening in the domestic equity markets capped the losses. On the global front, the dollar hovered near a 2-1/2-month high against a basket of currencies early on Monday after monetary easing by China over the weekend improved investor risk appetite and sent US Treasury yields higher.

The partially convertible currency is currently trading at 65.00, weaker by 17 paise from its previous close of 64.83 on Friday. The currency touched a high and low of 65.0150 and 64.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.88 and for Euro stood at 72.06 on October 23, 2015. While, the RBI’s reference rate for the Yen stood at 53.79 the reference rate for the Great Britain Pound (GBP) stood at 99.88. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$ 1GBP
October 23, 201564.881599.8851
October 21, 201565.1513100.5350
     (RBI-Reference Rate)

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