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Rupee weakens against US dollar on Wednesday

12 Dec 2018 Evaluate

Indian rupee weakened against US dollar on Wednesday after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India (RBI). Shaktikanta Das was named the new governor of the RBI after Urjit Patel abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank. Besides, significant foreign fund outflows and rising crude oil prices also weighed on the domestic unit. Foreign funds sold shares worth Rs 2,421.06 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 2,255.68 crore. On the global front, the dollar held near a one-month high against its peers, supported by a rebound in US government bond yields and weakness of the pound as its battering from uncertainty about Brexit continued.

The partially convertible currency is currently trading at 72.06, weaker by 21 paise from its previous close of 71.85 on Tuesday. The currency touched a high and low of 72.1700 and 71.9400 respectively. The reference rate for the dollar stood at 71.92 and for Euro stood at 81.73 on December 11, 2018. While the reference rate for the Yen stood at 63.57, the reference rate for the Great Britain Pound (GBP) stood at 90.42.

Date1US$1GBP
December 11, 201871.927490.4266
December 10, 201871.325790.9108

(Reference Rate)

 

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