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Rupee weakens on fresh dollar demand from importers

07 Feb 2017 Evaluate

Indian rupee weakened against the US dollar on Tuesday on account of fresh demand for the American currency from importers. Further, the US dollar’s gains against some currencies overseas and a weak trading in the domestic equity market also added pressure on rupee. On the global front, the yen held large gains against a number of peers as investors sought refuge in the safe-haven Japanese currency amid a latest rise in European political concerns.

The partially convertible currency is currently trading at 67.36, weaker by 14 paise from its previous close of 67.22 on Monday. The currency touched a high and low of 67.40 and 67.29 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.19 and for Euro stood at 72.40 on February 06, 2017. While the RBI’s reference rate for the Yen stood at 59.73, the reference rate for the Great Britain Pound (GBP) stood at 83.92. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
February 06, 201767.195883.9208
February 03, 201767.382584.3225
(RBI-Reference Rate)

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