Indian Rupee weakened against the US dollar on Monday, despite weakness in the dollar against major global currencies overseas. However, the local currency opened stronger on increased selling of the American currency by exporters amid a higher opening of the domestic equity market supported the domestic currency. On the global front, the dollar’s safe-haven appeal dimmed after risk sentiment in the broader markets improved following a well-received speech from Federal Reserve Chairman Jerome Powell. Chairman Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth.
The partially convertible currency is currently trading at 69.96, weaker by 5 paise from its previous close of 69.91 on Friday. The currency touched a high and low of 69.9725 and 69.7050 respectively. The reference rate for the dollar stood at 70.13 and for Euro stood at 81.16 on August 24, 2018. While the RBI’s reference rate for the Yen stood at 62.98, the reference rate for the Great Britain Pound (GBP) stood at 89.96. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
