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Rupee down 14 paise to 64

Rupee down 14 paise to 64.52 on RBI’s inflation forecast

Wed Dec 06 2017

 

The rupee today weakened further by 14 paise to close at 64.52 as the RBI's Monetary Policy Committee has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent but has raised the inflation forecast for remainder of the current financial year to 4.3-4.7 per cent.

 

The Indian currency opened lower at 64.45 as compared to overnight level of 64.38 at the Interbank Foreign Exchange (forex) market here.

 

Maintaining its extreme bearish undertone, the local unit dropped to an intra-day low of 64.55 in mid afternoon deals, reacting to RBI policy outcome.

 

It finally settled the day at 64.52, showing a loss of 14 paise,

 

According to forex dealers, increased demand for the American currency from importers also weighed on the rupee, but the dollar’s weakness against other currencies overseas limited the losses.

 

Meanwhile, the 30-share BSE index Sensex closed lower by 205.26 points or 0.63 per cent at 32,597.18.

 

In the overseas market, the dollar edged broadly lower in a quiet market on Wednesday as concerns about a possible US government shutdown offset optimism about the progress on tax reform legislation.

 

The dollar index, which tracks the greenback against a basket of six major currencies, inched 0.1 per cent lower to 93.297. It hit a five-day low of 111.99 yen, down half a per cent on the day.

 

Source: Hindu business line.

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