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Rupee weakens on heavy month-end dollar demand

30 Aug 2018 Evaluate

Indian rupee weakened against the US dollar on Thursday on account of heavy month-end dollar demand. Besides, demand from importers, mainly oil refiners in view of surging crude oil prices, and sustained capital outflows, too weighed on the domestic currency. Furthermore, the dollar's strength against other currencies overseas too put pressure on the rupee. On the global front, the British pound held firm in early Asian trade, after making its biggest gains in seven months the previous day, following comments from the European Union’s chief negotiator offering Britain close ties after Brexit.

The partially convertible currency is currently trading at 70.76, weaker by 19 paise from its previous close of 70.57 on Wednesday. The currency touched a high and low of 70.8200 and 70.5700 respectively. The reference rate for the dollar stood at 70.50 and for Euro stood at 82.33 on August 29, 2018. While the RBI’s reference rate for the Yen stood at 63.42, the reference rate for the Great Britain Pound (GBP) stood at 90.62. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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