MUMBAI: Indian Rupee fell sharply in early trade today, as it opened at 63.55 against the US dollar. It is currently trading at 63.85 against the greenback, which is its lowest level since September 2013.
A global rout in currency and financial markets triggered by Chinese central bank’s policy move combined with concerns about capital outflows in the face of imminent US interest rate hike weighed on the local currency. Besides, dollar demand by importers in view of its strength of American currency overseas added to negative triggers.
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On Monday, rupee ended at 64.20/$, weaker by 34 paise from its previous close of 63.86/$ . The currency touched a high and low of 64.78/$ and 64.87/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.1732 and for Euro stood at 70.36 on August 11, 2015. While, the RBI’s reference rate for the Yen stood at 51.37, the reference rate for the Great Britain Pound (GBP) stood at 99.8471.
