| Date: |
07-07-2016 |
| Subject: |
Rupee opens at 67.46 against US Dollar |
|
The Indian rupee opened marginally higher at 67.46/$ against US Dollar on Thursday as against the previous close of 67.45/$.
On the global front, British Pound plummeted to fresh lows, as repercussions of Brexit are getting gradually adverse, where several Investment entities have suspended trading in UK Real estate funds, citing growing pressure from massive redemptions. Meanwhile, uncertainty looms large over the process of UK’s termination with EU.
Chinese Yuan continues to descend, with values now at 6.68 levels. PBOC is reported to be comfortable with further fall in Renminbi till 6.8 levels against the greenback. It is palpable that Beijing is taking measures to safeguard exports amid slowing global markets.
On the economy front, the Nikkei-Markit India services purchasing managers’ index came in at 50.3 in June, dropping from a reading of 51 in May and coming closer to the 50-point mark separating growth from contraction.
The Indian currency ended lower by 18 paise at 67.45/$. The local unit had hit a high of 67.61 and a low of 67.63. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.40 and for Euro stood at 75.03. The RBI’s reference rate for the Yen stood at 66.06; reference rate for the Great Britain Pound (GBP) stood at 89.1537.
Source : indiainfoline.com
|