Rupee weakens on fresh demand for dollar from importers

Indian rupee weakened against dollar in early deals on Thursday due to fresh demand for the dollar from importers. Further, firm dollar against major global currencies too dampened rupee sentiment. On the global front, the dollar stood tall against a basket of currencies in early Asian trading on Thursday, though it remained in its recent range as investors’ awaited minutes of the last Federal Reserve meeting for clues on monetary policy.

The partially convertible currency is currently trading at 65.17, weaker by 20 paise from its previous close of 64.97 on Wednesday. The currency touched a high and low of 65.1825 and 65.02 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.25 and for Euro stood at 73.46 on October 7, 2015. While, the RBI’s reference rate for the Yen stood at 54.34 the reference rate for the Great Britain Pound (GBP) stood at 99.5301. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

(RBI-Reference Rate)