The Indian rupee on Monday weakened against the US dollar on account of buying of dollars by banks and importers. In addition, weakness of other Asian currencies against the dollar added to the weakness in rupee. The rupee was trading at 65.05, down by 2 paise against the US dollar in the morning trade. The Indian rupee opened 6 paise down at 65.10 against the US dollar today.
The currency market was closed for 2 days on account of Diwali. The currency touched a high and low of 65.08 and 65.19 respectively on October 23. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.06 and for Euro stood at 76.54. While the RBI’s reference rate for the Yen stood at 57.93, the reference rate for the Great Britain Pound (GBP) stood at 85.7425.
In global news, the US dollar derived strength after the Senate voted for a measure that now clears the way for a tax cut to be taken up. However, passing the final bill will be an onerous task for Republicans given that the tax reforms are well short of being revenue neutral. Euro will be influenced by ECB meeting, where the central bank is expected to trim its monthly asset purchases to 40 bn euros from a current level of 60 bn.
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