Indian rupee weakened against US dollar on Thursday as surging oil prices and weak trend in emerging market currencies weighted down on rupee sentiments. However, fresh selling of American currency by banks and exporters capped the bearish sentiment. Meanwhile, domestic equity markets opened in green after markets regulator SEBI said it will review the proposed new norms for foreign investors and take a holistic view after taking into account views of all stakeholders, including the government. On the global front, the dollar sagged as the pound led a bounce in European currencies, although skittish emerging market currencies and global trade concerns limited the greenback’s losses.
The partially convertible currency is currently trading at 71.92, weaker by 14 paisa from its previous close of 71.78 on Wednesday. The currency touched a high and low of 71.9400 and 71.6600 respectively. The reference rate for the dollar stood at 71.75 and for Euro stood at 83.13 on September 5, 2018. While the RBI’s reference rate for the Yen stood at 64.36, the reference rate for the Great Britain Pound (GBP) stood at 92.22. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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