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Rupee turn weak pressured by weak opening in domestic equity indices

26 Dec 2016 Evaluate

Indian rupee weakened against the US dollar on Monday as domestic equity indices opened lower following profit-booking by investors and weak Asian cues. However, selling of the American unit by exporters and banks coupled with dollar’s weakness against some currencies overseas, capped some losses. On the global front, the dollar dipped against the yen on Monday, edging lower after US Treasury yields pulled back from 27-month peaks scaled mid-month following Friday's release of US economic indicators that included strong housing and consumer confidence data but also numbers that pointed to slower household income.

The partially convertible currency is currently trading at 67.83, weaker by 2 paise from its previous close of 67.81 on Friday. The currency touched a high and low of 67.8550 and 67.7850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.91and for Euro stood at 70.94 on December 23, 2016. While the RBI’s reference rate for the Yen stood at 57.88, the reference rate for the Great Britain Pound (GBP) stood at 83.48.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 23, 201667.911783.4839
December 22, 201667.913683.9140
(RBI-Reference Rate)

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