Economy

Rupee weakens 7 paise against United States dollar to 64

Rupee weakens 7 paise against United States dollar to 64”

On Monday, the rupee had retreated from its one-month high to end lower by 15 paise to 63.93 a dollar on overwhelming demand for the American currency from corporates and banks. The Pound Sterling, the Singapore dollar, and the Euro have advanced against the U.S. currency so far this year, offsetting the impact of the rupee's appreciation against the dollar. A rebound of the U.S. dollar against other major currencies also hurt the rupee. At 9.15am, the rupee was trading at 63.85 a dollar, down 0.09% from its Friday's close of 63.79. In the open market, the rupee was quoted stronger at 105.70/105.90 against the dollar.

Japanese yen was down 0.5%, China offshore 0.29%, China renminbi 0.14%, Malaysian ringgit 0.1%, Philippines peso 0.07% and Singapore dollar 0.06%.

The dollar index, which measures the USA currency's strength against major currencies, was trading at 91.5, up 0.16% from its previous close of 91.352.

The dollar index, which tracks the United States unit against a basket of six major currencies, was 0.2 per cent higher at 92.51, after skidding to a 2-1/2 year low of 91.011 on Friday.

The benchmark BSE Sensex closed higher by 195 points and the Nifty went past the 10,000-mark for the first time since August 7 as auto stocks gained after a less-than-expected GST cess and rising vehicle sales.



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