Rupee weakens against US dollar on Thursday

Indian rupee weakened against the US dollar on Thursday, tracking mixed Asian currencies markets as traders were cautious with uncertainty rising over the upcoming policy meetings of the Bank of Japan and US Federal Reserve. Bank of Japan and the Fed policy review will be held on 20-21 September. However, some losses were capped after government officials clarified that they had no intention to devalue the Indian currency. There were some reports that government representatives are likely to meet on September 20 to consider a possible devaluation of the rupee. On the global front, the yen firmed in Asian trade on Thursday as investors' looked for safe havens in the face of weakening share markets.

The partially convertible currency is currently trading at 67.02, weaker by 13 paise from its previous close of 66.89 on Wednesday. The currency touched a high and low of 67.0725 and 66.82 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.96 and for Euro stood at 75.21 on September 14, 2016. While the RBI’s reference rate for the Yen stood at 64.83, the reference rate for the Great Britain Pound (GBP) stood at 88.49.The reference rates are based on 12 noon rates of a few select banks in Mumbai.