Indian rupee weakened to a lifetime low of 71.37 against US dollar in early trade on Tuesday on account of strong demand for the US currency from importers amid capital outflows. Besides, the dollar strengthened against some currencies overseas too added to the pressure on the domestic currency. On the global front, the dollar firmed on Tuesday as investors bid up safe haven assets amid tensions around global trade and strains in emerging market currencies, while the Australian dollar pared losses after Australia’s central bank kept interest rates on hold.
The partially convertible currency is currently trading at 71.19, weaker by 1 paisa from its previous close of 71.18 on Monday. The currency touched a high and low of 71.3700 and 71.1600 respectively. The reference rate for the dollar stood at 70.76 and for Euro stood at 82.14 on September 3, 2018. While the RBI’s reference rate for the Yen stood at 63.80, the reference rate for the Great Britain Pound (GBP) stood at 91.35. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
