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Rupee weakens on fresh demand for American currency from importers and banks

16 Feb 2017 Evaluate

Indian rupee weakened against the US dollar on Thursday on fresh demand for the American currency from importers and banks. Besides, domestic currency got some support with report that India’s exports continued to grow for the fifth straight month, expanding by 4.32 percent to $22.11 billion in January against $21.19 billion in the same month of 2016. Imports also rose, by 10.70 percent to $31.95 billion, during the month under review. However, a higher opening in the domestic equity markets and dollar’s weakness against some currencies overseas restricted the losses. On the global front, the dollar pulled back after rising to one-month highs in the wake of upbeat US economic data, with demand for the greenback cooling as Treasury yields came off their peaks.

The partially convertible currency is currently trading at 66.93, weaker by 2 paise from its previous close of 66.91 on Wednesday. The currency touched a high and low of 66.9725 and 66.9250 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 70.82 on February 15, 2017. While the RBI’s reference rate for the Yen stood at 58.56, the reference rate for the Great Britain Pound (GBP) stood at 83.41. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
February 15, 201766.919383.4149
February 14, 201766.943983.9811
  (RBI-Reference Rate)

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