The Indian rupee, after a weak start, lost further ground and was trading weaker against the dollar on Monday on account of capital outflows by foreign funds amid strength of American currency against basket of other major currencies overseas.
Rupee is currently trading at 64.07 per dollar, weaker by 32 paise from its previous close of 63.75 on Friday
The Indian rupee, after a weak start, lost further ground and was trading weaker against the dollar on Monday on account of capital outflows by foreign funds amid strength of American currency against basket of other major currencies overseas.
Besides, weakness of local equities due to uncertainty over Greece’s debt obligations and strong US labour market report which added 280,000 jobs in May, the largest gain since December, indicating that the US economy is returning to growth after contracting in the first three months of this year, sapped risk appetite for all the emerging market's assets, including local currency.
On the global front, dollar held firm in early Asia on Monday, trading near 13-year highs against the yen after strong U.S. employment data bolstered expectations for an interest rate hike by the Federal Reserve before year-end.
Rupee is currently trading at 64.07, weaker by 32 paise from its previous close of 63.75 on Friday. The currency touched a high and low
of 64.09 and 64.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.89 and for Euro stood at 71.81 on June 5, 2015.
The Indian rupee, after a weak start, lost further ground and was trading weaker against the dollar on Monday on account of capital outflows by foreign funds amid strength of American currency against basket of other major currencies overseas.
Besides, weakness of local equities due to uncertainty over Greece’s debt obligations and strong US labour market report which added 280,000 jobs in May, the largest gain since December, indicating that the US economy is returning to growth after contracting in the first three months of this year, sapped risk appetite for all the emerging market's assets, including local currency.
On the global front, dollar held firm in early Asia on Monday, trading near 13-year highs against the yen after strong U.S. employment data bolstered expectations for an interest rate hike by the Federal Reserve before year-end.
Rupee is currently trading at 64.07, weaker by 32 paise from its previous close of 63.75 on Friday. The currency touched a high and low
of 64.09 and 64.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.89 and for Euro stood at 71.81 on June 5, 2015.
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