Indian rupee weakened to a fresh record low of 71 against the US dollar in early trade on Friday due to robust month-end demand for the American currency from oil importers. Besides, dollar’s strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions weighed on the domestic currency. Further, growing fears over inflation due to rising global crude oil prices and consistent outflow of foreign funds from the domestic equity market also pressurised the domestic currency.
The partially convertible currency is currently trading at 70.95, weaker by 22 paise from its previous close of 70.73 on Thursday. The currency touched a high and low of 71.0050 and 70.8900 respectively. The reference rate for the dollar stood at 70.73 and for Euro stood at 82.71 on August 30, 2018. While the RBI’s reference rate for the Yen stood at 63.34, the reference rate for the Great Britain Pound (GBP) stood at 92.15. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
