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Rupee weakens on buying of American currency by banks, importers

06 Oct 2017 Evaluate

Indian rupee weakened against the US dollar on Friday on account of buying of American currency by banks and importers. Further, the renewed strength of the dollar overseas too weighed on the rupee. However, a higher trading of domestic equity markets, capped some losses. On the global trend, the dollar hit seven-week highs versus a basket of currencies on Friday, supported by hopes for progress on US tax reforms, while sterling was under the gun on worries over a possible leadership battle in the British government.

The partially convertible currency is currently trading at 65.22, weaker by 7 paise from its previous close of 65.15 on Thursday. The currency touched a high and low of 65.3225 and 65.2100 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.17 and for Euro stood at 76.56 on October 05, 2017. While the RBI's reference rate for the Yen stood at 57.77, the reference rate for the Great Britain Pound (GBP) stood at 86.21. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 05, 201765.175886.2145
October 04, 2017 65.289986.6266
(RBI-Reference Rate)

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