Rupee weakens against dollar in early deals on Wednesday

Indian rupee weakened against the dollar in early trades on Wednesday, mainly due to strong demand for the American unit from importers and banks and after foreign institutional investors continued to liquidate their investment in the equity market. Though, the dollar's weakness against some other currencies overseas capped the rupee's fall. On the global front, the dollar retreated on Wednesday as crude oil prices descended to near 13-year lows, hitting risk asset markets and putting safe-haven currencies such as the Japanese yen back in favour.

The partially convertible currency is currently trading at 67.98, weaker by 33 paise from its previous close of 67.65 on Tuesday. The currency touched a high and low of 68.00 and 67.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.56 and for Euro stood at 73.50 on January 19, 2016. While the RBI’s reference rate for the Yen stood at 57.37, the reference rate for the Great Britain Pound (GBP) stood at 96.4192. The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

(RBI-Reference Rate)