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

12 Jun 2017 Evaluate

Indian rupee weakened against dollar on Monday on account of fresh demand for the US currency from importers and banks amid cautious global sentiment. Further, domestic equity markets opened in red ahead of the announcement of inflation and industrial production data later in the day, too weighing down the sentiments. On the global front, Sterling steadied on Monday as British Prime Minister Theresa May scrambled to pick up the pieces and reunite her Conservative Party after a disastrous election that could disrupt Brexit negotiations.

The partially convertible currency is currently trading at 64.32, weaker by 7 paise from its previous close of 64.25 on Friday. The currency touched a high and low of 64.3900 and 64.3150 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.25 and for Euro stood at 71.98 on June 09, 2017. While the RBI’s reference rate for the Yen stood at 58.31, the reference rate for the Great Britain Pound (GBP) stood at 81.74. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 09, 201764.258481.7495
June 08, 201764.355483.4303

(RBI-Reference Rate)

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