Rupee weakens against dollar in early deals on Monday

Indian rupee weakened against dollar in early deals on Monday after local equity markets fell as investors remain focused on the mid-week decision from the US Federal Reserve. Meanwhile, the market is also keeping an eye on the Chinese currency after Beijing surprised some by shifting the way it values the yuan. Further, strong demand for the American unit from importers and some banks too weighed on rupee. On the global front, the dollar edged higher against a basket of currencies in Asian trade on Monday with major currencies range bound ahead of this week's US Federal Reserve meeting, while China's yuan depreciated further after the country's central bank said it has also begun tracking its currency against a basket.

The partially convertible currency is currently trading at 67.00, weaker by 11 paise from its previous close of 66.89 on Friday. The currency touched a high and low of 67.0650 and 66.9650 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.78 and for Euro stood at 73.10 on December 11, 2015. While, the RBI’s reference rate for the Yen stood at 54.75 the reference rate for the Great Britain Pound (GBP) stood at 101.1006. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

(RBI-Reference Rate)