Indian rupee weakened against US dollar on Monday due to sustained buying of American Currency by Banks and importers. On the global front, the dollar edged higher against a basket of currencies on Monday thanks to strong US August jobs data and amid fears of a potentially major escalation in the China-US trade conflict. US President Donald Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods in addition to the $200 billion already facing the risk of duties.
The partially convertible currency is currently trading at 72.40, weaker by 66 paise from its previous close of 71.74 on Friday. The currency touched a high and low of 72.4275 and 72.0800 respectively. The reference rate for the dollar stood at 71.90 and for Euro stood at 83.67 on September 7, 2018. While the RBI’s reference rate for the Yen stood at 64.98, the reference rate for the Great Britain Pound (GBP) stood at 93.03. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
