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Rupee weakens against US dollar on Thursday

18 May 2017 Evaluate

Indian rupee weakened against US dollar on Thursday amid fresh capital flight. Rupee fell further by demand for the US currency from importers and banks, and a lower opening in the domestic stock market. On the global front, the dollar wallowed near six-month lows against a basket of major currencies on Thursday as the US political crisis appeared to deepen, and likely to delay any efforts by President Donald Trump to carry out his economic stimulus plans.

The partially convertible currency is currently trading at 64.35, weaker by 20 paise from its previous close of 64.15 on Wednesday. The currency touched a high and low of 64.4275 and 64.3425 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.02 and for Euro stood at 71.15 on May 17, 2017. While the RBI’s reference rate for the Yen stood at 56.99, the reference rate for the Great Britain Pound (GBP) stood at 82.76. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
May 17, 201764.021482.7669
May 16, 201764.075882.7795
(RBI-Reference Rate)

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