Rupee weakens against dollar in early trade on Monday

Indian rupee weakened against the dollar in early trade on Monday amid fresh demand for the US currency from importers. Besides, the dollar’s gain against euro in global market after the terror attacks in Paris and a lower opening in the domestic equity market put pressure on the rupee. Indian rupee remains under pressure considering the flow of subdued economic numbers during last week. In this respect, India’s industrial production growth came in below expectations, while consumer inflation rose to a four?month high. On the global front, the US dollar is stronger in Asia early Monday amid a broad-based move toward safe assets after attackers killed 129 people in Paris over the weekend, prompting retaliatory strikes by France on Islamic State’s stronghold in Syria.

The partially convertible currency is currently trading at 66.19, weaker by 10 paise from its previous close of 66.09 on Friday. The currency touched a high and low of 66.2550 and 66.1150 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.13 and for Euro stood at 71.26 on November 13, 2015. While, the RBI’s reference rate for the Yen stood at 53.90 the reference rate for the Great Britain Pound (GBP) stood at 100.5511. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

(RBI-Reference Rate)