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Rupee weakens against dollar in morning deals on Monday

( 15:00, 22-Aug-16)

Indian rupee weakened against the US dollar in morning trade on Monday, following increased demand for the American currency from importers and banks. Besides, the dollar firmed up against some global currencies, too weighed on the rupee. Rupee fell further after the government appointed Urjit Patel as the new Reserve Bank of India (RBI) Governor, replacing Raghuram Rajan whose tenure ends on September 4. On the global front, the dollar extended gains against the yen and euro on Monday as US Federal Reserve policymakers took an upbeat tone on the economy and expressed support for a near-term US interest rate hike. The market took an early cue from Fed Vice Chairman Stanley Fischer, who on Sunday gave a generally upbeat assessment of the U.S. economy's current strength, saying that the central bank is close to hitting its job and inflation targets.

The partially convertible currency is currently trading at 67.20, weaker by 14 paise from its previous close of 67.06 on Friday. The currency touched a high and low of 67.2125 and 67.1675 respectively. The currency touched a high and low of 67.06 and 66.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.93 and for Euro stood at 75.87 on August 19, 2016. While the RBI’s reference rate for the Yen stood at 66.82, the reference rate for the Great Britain Pound (GBP) stood at 87.97.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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