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Rupee weakens on fresh buying of American currency by importers

14 Jul 2017 Evaluate

Indian rupee weakened marginally against the US dollar on Friday due to fresh buying of the American currency by importers. However, a higher stock opening and dollar’s weakness against other currencies overseas capped the rupee’s fall. On the global front, the dollar trod water against a group of peers early on Friday, as currency investors remained cautious ahead of US inflation data due later in the session, which is expected to set the greenback's near-term direction.

The partially convertible currency is currently trading at 64.45, little changed from its previous close of 64.44 on Thursday. The currency touched a high and low of 64.4675 and 64.4475 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.43 and for Euro stood at 73.78 on July 13, 2017. While the RBI’s reference rate for the Yen stood at 57.02, the reference rate for the Great Britain Pound (GBP) stood at 83.24. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
July 13, 201764.438483.2480
July 12, 201764.496982.6915

(RBI-Reference Rate)

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