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

09 Feb 2018 Evaluate

Indian rupee weakened against the US dollar on Friday on account of increased demand for the American currency from importers and banks. Besides, losses in domestic equity markets and increased foreign fund outflows also weighed on rupee sentiments. On the global front, the yen neared a four-month high against the dollar on Friday as global stock markets plunged again, triggering a rush into traditional safe-haven currencies.

The partially convertible currency is currently trading at 64.37, weaker by 12 paise from its previous close of 64.25 on Thursday. The currency touched a high and low of 64.4000 and 64.3350 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.16 and for Euro stood at 78.74 on February 08, 2018. While the RBI’s reference rate for the Yen stood at 58.50, the reference rate for the Great Britain Pound (GBP) stood at 89.19. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
February 08, 2018 64.161689.1910
February 07, 2018 64.137789.4977

 (RBI-Reference Rate)

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