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Rupee weakens on lower trading in stock market

30 Jan 2017 Evaluate

Indian rupee weakened against the US dollar on Monday amid a lower trading in the stock market as investors took profits from recent gainers amid mixed Asian cues. Investors turned cautious ahead of the Union Budget later this week and key earnings report later in the day. However, dollar’s weakness against other currencies overseas capped the fall. On the global front, the dollar fell, nudging off a one-week high against a basket of currencies after Treasury yields declined on data showing the US economy growing more slowly than expected. Data on Friday showed US gross domestic product grew at a 1.9 percent annualized pace in the final three months of 2016, a slowdown from 3.5 percent growth in the third quarter.

The partially convertible currency is currently trading at 68.06, weaker by 3 paise from its previous close of 68.03 on Friday. The currency touched a high and low of 68.08 and 68.0375 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.20 and for Euro stood at 72.74 on January 27, 2017. While the RBI’s reference rate for the Yen stood at 59.24, the reference rate for the Great Britain Pound (GBP) stood at 85.49. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 27, 201768.204385.4941
January 25, 2017 68.155685.3104
(RBI-Reference Rate)

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