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Rupee weakens on some buying in American currency by banks, importers

06 Dec 2018 Evaluate

Indian rupee weakened against the US dollar on Thursday on account of some buying in American currency by banks and importers along with weak opening in the domestic equity market. Besides, foreign fund outflows too weighed on the domestic unit. Meanwhile, the Reserve Bank of India (RBI) Wednesday left the repo rate unchanged at 6.5 percent while maintaining the stance of 'calibrated tightening' of policy. On the global front, the dollar fell against the yen as growing investor aversion to riskier assets hit equities and pushed down US Treasury yields. Adding to the jitters was the arrest in Canada of a top executive of Chinese tech giant Huawei Technologies, fanning fears of a flare-up in tensions between China and the United States just as the two sides are supposed to be resuming trade negotiations.

The partially convertible currency is currently trading at 70.99, weaker by 53 paise from its previous close of 70.46 on Wednesday. The currency touched a high and low of 71.10 and 70.80 respectively. The reference rate for the dollar stood at 70.51 and for Euro stood at 79.83 on December 05, 2018. While the reference rate for the Yen stood at 62.37, the reference rate for the Great Britain Pound (GBP) stood at 89.44. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$ 1GBP
December 05, 201870.517189.4458
December 04, 201870.345589.6450

(Reference Rate)

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