Down at start! Rupee opens weaker by 5 paise at 65.75/$

The currency touched a high and low of 65.96 and 66.07 respectively.

The Indian rupee opened lower by 5 paise  at 65.75/$ in early trade on Friday. The domestic unit has been victim of the strength in US dollar against the basket of currencies. After the deterioration in Euro, British Pound also lost ground after Bank of England indicated that there is no immediate need to hike interest rates in United Kingdom, considering the fact that global economic conditions remain gloomy. Meanwhile, markets are trying to reinforce the perception of US Federal Reserve hiking interest rates in December. Recently, Fed chief Janet Yellen hinted that a rate hike in December is quite a possibility as US economy is performing well at the moment. Effectively, US dollar index has surged towards 98 levels.

The currency touched a high and low of 65.96 and 66.07 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.67 and for Euro stood at 71.34 on November 05, 2015. While, the RBI’s reference rate for the Yen stood at 54.05, the reference rate for the Great Britain Pound (GBP) stood at 101.0221.