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Rupee weakens marginally ahead of key macro economic data

09 Jun 2017 Evaluate

Indian rupee weakened marginally against the US dollar on Friday ahead of the key macro economic data due next week. The government will issue Index of Industrial Production (IIP) and Consumer Price Index (CPI) inflation data for April and May, respectively, on Monday. Besides, increased demand for the US currency from importers and banks, too added pressure on rupee. Rupee fell against dollar further after ex-FBI James Comey address to US Congress did not offer any new detail on Russia’s alleged meddling with US presidential elections last year and his investigation into a Trump’s aide. Reports suggesting a likelihood of a ‘hung’ parliament in Britain too made dollar stronger. On the global front, the pound fell sharply on Friday after British Prime Minister Theresa May's Conservative Party appeared set to fall short of an expected majority in a general election.

The partially convertible currency is currently trading at 64.27, weaker by 6 paise from its previous close of 64.21 on Thursday. The currency touched a high and low of 64.2825 and 64.1700 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.35 and for Euro stood at 72.50 on June 08, 2017. While the RBI’s reference rate for the Yen stood at 58.76, the reference rate for the Great Britain Pound (GBP) stood at 83.43. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 08, 201764.355483.4303
June 07, 201764.453883.2485
(RBI-Reference Rate)

 

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