Indian rupee weakened against the US dollar on Tuesday, hurt by fresh demand for the American currency from importers. Besides, dollar's firmness against some currencies overseas too weighed on the domestic currency. However, a higher opening of the stock market capped the rupee's fall. On the global front, the dollar ticked up slightly on Tuesday, adding to gains made in overnight trade after US Treasury yields rose on expectations the Federal Reserve would persist with its rate hikes this year.
The partially convertible currency is currently trading at 69.00, weaker by 14 paise from its previous close of 68.86 on Monday. The currency touched a high and low of 69.01 and 68.90 respectively. The reference rate for the dollar stood at 68.70 and for Euro stood at 80.56 on July 23, 2018. While the RBI’s reference rate for the Yen stood at 61.93, the reference rate for the Great Britain Pound (GBP) stood at 90.27. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
