Rupee slips to 5-month low
The Rupee weakened against the dollar on Monday on geopolitical concerns over Syria and India’s widening trade deficit. The rupee was trading at 65.45, down by 24paise against the US dollar in the morning trade. The Indian rupee opened 13paise down at 65.35 against the US dollar today.
Concerns over the growing unrest between United States and Russia, after US, UK and French forces launched missile strikes in three sites linked to Syrian President Bashar al-Assad’s chemicals weapons.
Adding to the pressure on Indian rupee is the March trade data released by the Reserve Bank of India (RBI), which showed that India’s trade deficit widened 28.5% to $13.7bn in the month of Mar, taking the annual deficit to $87.2bn. The deficit was $47.7bn in the fiscal year ended March 2017.
On Friday, RBI’s reference rate for the Dollar stood at 65.22 and for Euro stood at 80.34. While the RBI’s reference rate for the Yen stood at 60.64, the reference rate for the Great Britain Pound (GBP) stood at 92.77.