The Rupee weakened by 10 paise to Rs 54.46 against the US Dollar in Asian trading due to the strengthening of the American currency against the Euro and as end of month demand for the Dollar from importers put pressure on the Rupee.
Dealers attributed the rupee’s fall to dollar gains against the euro overseas and a lower opening in the stock market. The Indian rupee continued to weaken against the US dollar in late morning trade on Thursday after it slipped by 4 paise to 54.40, on month-end dollar demand amid a higher value Dollar overseas. Forex dealers have said that the month-end dollar buying from importers, mainly refinery companies, affected the Rupee’s value against the Dollar.
The Rupees decline is led by weakness in Asian equities and concerns over Euro zone having suffered a further setback as a rise in Italy’s funding costs weighed on markets already worried about the ramifications of Cyprus’ controversial rescue deal. Cypriot banks have reopened but fears remain high of a possible bank run occurring in other parts of the Eurozone.
In the New York market, the US dollar climbed against most major rivals, yesterday saw the Euro tumbling below $1.28 for the first time since November on renewed political turmoil in Italy.
Current INR Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 69.4990
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 54.3429
The Australian Dollar to Indian Rupee (AUD/INR) exchange rate is currently trading at 56.6737
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 82.4321
The Indian Rupee to Euro (INR/EUR) exchange rate is currently trading at 0.0143
The Indian Rupee to US Dollar (INR/USD) exchange rate is currently trading at 0.0184
The Indian Rupee to British Pound (INR/GBP) exchange rate is currently trading at 0.0121
These exchange rates were correct as of 10:30 pm
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