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Rupee weakens on increased demand for American currency from importers and banks

Discussion in 'Forex Discussions' started by deepaksahu, Mar 15, 2016.

  1. deepaksahu

    deepaksahu New Member

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    Indian rupee weakened against dollar in early deals on Tuesday, on increased demand for the American currency from importers and banks amid a lower opening in the domestic equity market. Besides, the firm dollar against some global currencies also weighed on the rupee. Sentiment weakened further ahead of the US Federal Reserve's two-day policy meet later in the day. Currency traders are keenly awaiting the US Federal Reserve’s stance on key policy rates after its two-day policy meet scheduled for 15-16 March. On the global front, the dollar edged lower in Asian trade on Tuesday, with the yen getting a lift after the Bank of Japan held policy steady as expected at the conclusion of its two-day policy meeting.

    The partially convertible currency is currently trading at 67.20, weaker by 10 paise from its previous close of 67.10 on Monday. The currency touched a high and low of 67.27 and 67.1725 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.02 and for Euro stood at 74.80 on March 14, 2016. While the RBI’s reference rate for the Yen stood at 58.90, the reference rate for the Great Britain Pound (GBP) stood at 96.3389. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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