Indian rupee opened lower by 17 paise at 68.74 against US dollar

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The Indian rupee opened lower by 17 paise at 68.74/$ against the previous close of 68.57/$. The rupee opened at fresh 9-month low on Thursday. Currently it is trading near Record closing low Of 68.80/$ hit on August 28, 2013.

The greenback continues to register substantial advances against major currencies, with Yen and Euro being the prominent losers. Chinese Yuan is also sinking, with values tumbling to a record low of 6.9378 against US dollar at one point of time yesterday in the offshore markets. US dollar index will witness further gains, with values expected to hit 105 in the coming weeks. Euro seems to be the most vulnerable, influenced by the uncertainty over Italian constitutional referendum in first week of December.

The Indian Rupee closed lower by 31 paise at 68.56/$. The local unit hit a high of 68.25/$ and a low of 68.29/$ today.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.47 while for the Euro it was 72.78. The RBI’s reference rate for the Yen stood at 61.71; reference rate for the Great Britain Pound (GBP) stood at 84.9665.

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