Piling on yesterday’s loss, Indian rupee weakened further against the American currency on Friday on heavy dollar demand from corporates and importers. This is the second consecutive session when the rupee is traded lower against dollar. Sentiments remained down-beat with the India Meteorological Department’s (IMD) latest report stating that 39% of the 681 districts in India have received less than normal rainfall in the week ended August 8. Investors have maintained cautious approach ahead of Index of Industrial Production (IIP) data for June scheduled to be released today. Besides, a weak trend at Dalal Street too weighed on the rupee. On the global front, euro sank to its lowest levels in more than a year on Friday after a report that the European Central Bank (ECB) was growing concerned about the exposure of banks to a dramatic slide in the Turkish lira.
Finally, the rupee ended at 68.83, 15 paise weaker from its previous close of 68.68 on Thursday. The currency touched a high and low of 69.03 and 68.76 respectively. The reference rate for the dollar stood at 68.95 and for Euro stood at 78.99 on August 10, 2018. While the RBI’s reference rate for the Yen stood at 62.15, the reference rate for the Great Britain Pound (GBP) stood at 88.19. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
