Rupee opens at 68.65/$, down 5 paise

On Monday, the rupee ended at 68.60/$, weaker by 14 paise. The currency touched a high and low of 68.56 and 68.70 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.55 and for Euro stood at 76.19 on February 22, 2016.

Indian Rupee opened lower by 5 paise at 68.65/$ in early trade on Tuesday as against the previous close of 68.60/$. On Monday, Indian rupee weakened to 30 month low against the greenback, impacted by month end dollar demand from the importers and persistent foreign capital outflows. Moreover, strong tone in US dollar against basket of major currencies took a toll on Indian rupee.

In international markets, British Pound tumbled to seven‐year low of $1.40. After the agreement between UK and European officials for Britain to stay in the EU, there seems to be intense controversy, with a difference of opinion emerging in the UK Conservative Party. Weak tone in British Pound also impacted Euro and Yen and as a result, US dollar index surged to three week high.

On Monday, the rupee ended at 68.60/$, weaker by 14 paise. The currency touched a high and low of 68.56 and 68.70 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.55 and for Euro stood at 76.19 on February 22, 2016. While, the RBI’s reference rate for the Yen stood at 60.75, the reference rate for the Great Britain Pound (GBP) stood at 97.8438.