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Rupee weakens on increased demand for American currency from banks, importers
Oct-16-2018

Indian rupee weakened against US dollar on Tuesday on account of increased demand for the American currency from banks and importers. Besides, uptick in crude oil prices and dollar's strength against some other currencies overseas too put pressure on the domestic unit. Moreover, weak exports data also dampened sentiments in the forex market. According to commerce ministry data, India's exports entered the negative zone after five months, contracting 2.15% in September to $27.95 billion. However, fresh inflows by foreign funds and a higher opening in domestic equity markets, capped weakness in domestic currency.

The partially convertible currency is currently trading at 73.93, weaker by 10 paise from its previous close of 73.83 on Monday. The currency touched a high and low of 73.9450 and 73.7800 respectively. The reference rate for the dollar stood at 73.97 and for Euro stood at 85.48 on October 15, 2018. While the reference rate for the Yen stood at 66.08, the reference rate for the Great Britain Pound (GBP) stood at 97.08. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 15, 201873.970897.0832
October 12, 201873.796797.6537

(Reference Rate)

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