Rupee weakens on month-end dollar demand for US currency from importers and banks

Indian rupee weakened against dollar in early deals on Thursday on month-end dollar demand for US currency from the importers and banks. However, higher opening in the domestic equity market, capped some losses. On the global front, sterling licked its wounds near a seven-year low against the dollar on Thursday, hampered by worries Britain may exit the European Union, while a rebound in oil prices helped stem buying in the safe-haven yen.

The partially convertible currency is currently trading at 68.63, weaker by 7 paise from its previous close of 68.56 on Wednesday. The currency touched a high and low of 68.64 and 68.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.56 and for Euro stood at 75.46 on February 24, 2016. While the RBI’s reference rate for the Yen stood at 61.27, the reference rate for the Great Britain Pound (GBP) stood at 95.8127. The reference rates are based on 12 noon rates of a few select banks in Mumbai.