Rupee falls to its lowest level since August 2013 against dollar in early deals on Wednesday

Indian rupee fell to its lowest level since August 2013 against dollar in early deals on Wednesday, tracking Asian peers on global dollar strength. Further, sustained foreign fund outflows amid increased demand for the US currency from importers weighed on the rupee sentiment. Sharp fall in domestic stock market also affected the rupee sentiment. On the global front, the yen retook some ground against the dollar on Wednesday as a recent rebound in crude oil prices fizzled and revived demand for the safe-haven Japanese currency.

The partially convertible currency is currently trading at 68.65, weaker by 27 paise from its previous close of 68.38 on Tuesday. The currency touched a high and low of 68.67 and 68.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.33 and for Euro stood at 76.24 on February 16, 2016. While the RBI’s reference rate for the Yen stood at 59.68, the reference rate for the Great Britain Pound (GBP) stood at 98.4312. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

(RBI-Reference Rate)