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Rupee weakens tracking losses in local equity and Asian currencies markets

10 Jun 2016 Evaluate

Indian rupee weakened against the US dollar in early trade on Friday, tracking losses in the local equity and Asian currencies markets. Besides, investors remained cautious ahead of the release of April factory output data later in the day. Rupee slipped further on higher demand for the American currency from importers and banks. On the global front, the dollar index was on track for a modest weekly gain on Friday, having bounced off this week's one-month lows as the euro took a heavy spill while sterling stayed under a cloud on jitters over the upcoming Brexit vote.

The partially convertible currency is currently trading at 66.79, weaker by 8 paise from its previous close of 66.71 on Thursday. The currency touched a high and low of 66.8825 and 66.7850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.62 and for Euro stood at 75.89 on June 09, 2016. While the RBI’s reference rate for the Yen stood at 62.41, the reference rate for the Great Britain Pound (GBP) stood at 96.7195. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 09, 201666.625096.7195
June 08, 201666.737097.0823
(RBI-Reference Rate)

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