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Rupee hits fresh all time low of 65.44 against dollar

22 Aug 2013 Evaluate

Indian rupee touched fresh all time low of 65.44 against the dollar on Thursday, amid continued demand for US dollar from banks and importers. Meanwhile, dollar's strength against major currencies overseas after the Federal Reserve's minutes of its last policy meeting released yesterday indicated the central bank was committed to scaling back its asset-buying program, weighed on the local currency. Volatile domestic markets, with weak domestic fundamentals such as large current account deficit and continued capital outflows are also pressurizing the rupee.

The partially convertible currency is currently trading at 65.44, weaker by 1 rupee 42 paise from its previous close of 64.02 on Wednesday. The currency has touched a high and low of 65.49 and 64.66 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.46 and for Euro it stood at 85.12 on August 21, 2013. While, the RBI’s reference rate for the Yen stood at 65.02, the reference rate for the Great Britain Pound (GBP) stood at 99.42. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

August 21, 2013

63.46 99.42

August 20, 2013

63.73

99.79
(RBI-Reference rate)

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