Rupee slips by 17 paise against US Dollar

India Infoline News Service | Mumbai | October 06, 2017 13:02 IST

The Indian rupee is trading lower by 17 paise against US Dollar on account of buying of American currency by banks and importers.

The Indian rupee is trading lower by 17 paise against US Dollar on account of buying of the American currency by banks and importers.

US dollar soared higher, primarily driven by developments on the legislative front. There is renewed optimism on the prospects of a tax overhaul after the House of Representatives voted to adopt a fiscal 2018 spending blueprint encompassing a legislative tool that would let Republicans bypass Democrats and pass a tax bill by a simple majority vote in the Senate. However, profound changes to the tax code will require filibuster majority of 60 votes.

Pound briefly tumbled below 1.31 mark against the greenback on rumors that PM May might resign (strongly denied) after her incompetent party conference address. Conservatives are simply looking too timid after the loss of majority in Parliament during the snap elections earlier this year. In fact, the opposition Labour Party is already claiming themselves to be the government in waiting.

Gold and silver were trading flat during Friday’s trade ahead of the US non-farm payrolls data due to be released later in the day.

The currency touched a high and low of 65.37 and 65.49 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.17 and for Euro stood at 76.56. While the RBI’s reference rate for the Yen stood at 57.77, the reference rate for the Great Britain Pound (GBP) stood at 86.2145.
 

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