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Rupee weakens on increased demand of US currency from importers

10 Dec 2018 Evaluate

Indian rupee weakened against the US dollar on Monday on account of increased demand of the US currency from importers amid foreign fund outflows. Further, lower opening in domestic equity market and rising crude prices too added pressure on the local unit. Global crude oil prices rose after OPEC members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices. On the global front, the dollar slid almost half a percent against the euro and the yen after soft US payrolls data fueled speculation that the Federal Reserve may stop raising interest rates after a highly likely move next week.

The partially convertible currency is currently trading at 71.30, weaker by 48 paise from its previous close of 70.82 on Friday. The currency touched a high and low of 71.4400 and 71.2350 respectively. The reference rate for the dollar stood at 70.56 and for Euro stood at 80.22 on December 07, 2018. While the reference rate for the Yen stood at 62.53, the reference rate for the Great Britain Pound (GBP) stood at 90.12.

Date1US$1GBP
December 07, 201870.5663 90.1212
December 06, 201871.0371 90.2953

(Reference Rate)

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