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Rupee weakens against dollar in early deals on Monday

30 Nov 2015 Evaluate

Indian rupee weakened marginally against US dollar in early deals on Monday, in tandem with other Asian peers as traders turned cautious ahead of a series of key events, both global and domestic. Currency market investors are keenly awaiting the second quarter GDP numbers and October industrial output data scheduled for release later in the day. The Reserve Bank of India (RBI) policy review, slated for Tuesday, is also keenly awaited, even though the apex bank is largely expected to maintain status quo on the key policy rate. Later this week, US non-farm payroll data would be released which could sway the Federal Reserve’s decision on rates. The European Central Bank (ECB) too would decide on its accommodative policy this month. Besides, month-end demand for the American currency from importers and persistent foreign capital outflows too affected the market sentiment. On the global front, the dollar edged up to a fresh 8-1/2-month high against a basket of global currencies on Monday, while the prospect of further stimulus this week by the European Central Bank kept the euro on the defensive.

The partially convertible currency is currently trading at 66.80, weaker by 4 paise from its previous close of 66.76 on Friday. The currency touched a high and low of 66.8650 and 66.7625 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.75 and for Euro stood at 70.87 on November 27, 2015. While, the RBI’s reference rate for the Yen stood at 54.53 the reference rate for the Great Britain Pound (GBP) stood at 100.6795. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 27, 201566.7503100.6795
November 26, 201566.5507100.6446

(RBI-Reference Rate)

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