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Rupee weakens on fresh demand for American currency from importers

( 14:00, 24-Aug-16)

Indian rupee weakened against the dollar in morning trade on Wednesday on fresh demand for the American currency from importers. However, a higher opening in the domestic equity markets tracking global cues restricted its losses. On the global front, the dollar edged up on Wednesday, moving off lows touched against the yen overnight, as markets looked to a gathering of global central bankers in Jackson Hole, Wyoming for clues on whether the Federal Reserve is poised to hike interest rates again.

The partially convertible currency is currently trading at 67.12, weaker by 6 paise from its previous close of 67.06 on Tuesday. The currency touched a high and low of 67.1575 and 67.0875 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.09 and for Euro stood at 76.04 on August 23, 2016. While the RBI’s reference rate for the Yen stood at 67.03, the reference rate for the Great Britain Pound (GBP) stood at 88.29.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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