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Rupee weakens against dollar in early deals on Tuesday

23 Feb 2016 Evaluate

Indian rupee weakened against dollar in early deals on Tuesday, tracking the mixed trend in the Asian currencies market. Traders are also avoiding taking huge positions ahead of an event-heavy week. The government will introduce the railway budget on Thursday and Union Budget on 29 February. Traders will look for direction of government policy through these two announcements. Also traders will keep an eye on the annual economic outlook survey on Friday. On the global front, the yen gained broadly on Tuesday as risky assets lost traction and revived demand for the safe-haven currency, while the sterling and euro were shaky after suffering hefty losses on uncertainty over Britain's membership in the European Union.

The partially convertible currency is currently trading at 68.62, little changed from its previous close of 68.61 on Monday. The currency touched a high and low of 68.65 and 68.57 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.55 and for Euro stood at 76.19 on February 22, 2016. While the RBI’s reference rate for the Yen stood at 60.75, the reference rate for the Great Britain Pound (GBP) stood at 97.8438. The reference rates are based on 12 noon rates of a few select banks in Mumbai.          

Date1US$1GBP
February 22, 2016 68.551797.8438
February 18, 201668.494097.8642

(RBI-Reference Rate)        

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