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Rupee weakens against US dollar on Tuesday

16 Aug 2016 Evaluate

Indian rupee weakened against the US dollar on Tuesday, despite selling of the US currency by exporters and banks, also with the domestic equity market paring gains after a higher opening. Indian markets remained closed on Monday for Independence Day holiday. On the global front, the dollar hit a one-month low against the yen on Tuesday, staying on the defensive after recent US economic data were seen likely to limit the prospects of a near-term Fed interest rate hike.

The partially convertible currency is currently trading at 66.92, weaker by 3 paise from its previous close of 66.89 on Friday. The currency touched a high and low of 66.9275 and 66.8025 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.83 and for Euro stood at 74.46 on August 12, 2016. While, the RBI’s reference rate for the Yen stood at 65.44, the reference rate for the Great Britain Pound (GBP) stood at 86.63. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
August 12, 201666.825286.6255
August 11, 201666.857186.9543
(RBI-Reference Rate)

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