Indian rupee weakened against the US dollar on Thursday amid strong demand for the American currency after the US Fed released minutes of its policy meet yesterday. Further, lacklustre trade in local equities too added pressure on the rupee. Meanwhile, Forex market was shut yesterday on account of Bakri Id. On the global front, the dollar rose as investors bought the greenback on the back of political turmoil in Australia and after the minutes of the Federal Reserve’s latest policy meeting indicated the US central bank is on course to further raise interest rates.
The partially convertible currency is currently trading at 70.09, weaker by 26 paise from its previous close of 69.83 on Tuesday. The currency touched a high and low of 70.1000 and 69.9500 respectively. The reference rate for the dollar stood at 69.66 and for Euro stood at 80.24 on August 21, 2018. While the RBI’s reference rate for the Yen stood at 63.30, the reference rate for the Great Britain Pound (GBP) stood at 89.39. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
