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Rupee weakens to 67

Rupee weakens to 67.12 on repo rate hike, fresh dollar demand

Thu June 07 2018

 

The rupee depreciated by 20 paise to end at 67.12 against the US dollar due to repo rate hike and fresh demand for the American unit from importers and banks. However, the dollar’s weakness against other currencies, including the euro, limited the rupee’s fall.

 

The domestic unit opened weak by 5 paise at 66.97 at the interbank forex market today. It traded between 67.14 and 66.94 in intra-day deals.

 

Yesterday, the RBI had hiked the policy rate for the first time in over four years -- by 0.25 per cent -- to curb inflationary pressures from high oil prices. The rupee had ended at a fresh one-month high of 66.92 yesterday, up 23 paise against the US dollar.

 

Source: https://www.thehindubusinessline.com/

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