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Rupee weakens on buying of American currency by banks, corporates

06 Nov 2017 Evaluate

Indian rupee weakened against US dollar on Monday on account of buying of American currency by banks and corporates. Further, fresh foreign fund outflows and a lower opening of the domestic equity market weighed on the rupee. On the global front, the dollar touched its highest level in nearly eight months versus the yen on Monday, supported by expectations for continued monetary policy divergence between the Federal Reserve and the Bank of Japan.

The partially convertible currency is currently trading at 64.73, weaker by 18 paise from its previous close of 64.55 on Friday. The currency touched a high and low of 64.74 and 64.67 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.57 and for Euro stood at 75.33 on November 03, 2017. While the RBI's reference rate for the Yen stood at 56.66, the reference rate for the Great Britain Pound (GBP) stood at 84.42. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 03, 201764.576484.4272
November 02, 201764.593085.7860

(RBI-Reference Rate)

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