Rupee down 11 paise to 68.36 against US Dollar

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Mumbai: The Indian rupee traded down by 11 paise at 68.36/$ against the preceding close of 68.25/$. The rupee decrease to its lowest level since February 29.

 For the currency markets, the only game in the town is possible augment in fiscal spending by US administration and ensuing hawkish Fed policy.

However, we sense that markets have increased the gun, as uncertainty prevails on how Donald Trump’s planned massive tax cuts and US$1 trillion infrastructure spending will be funded.

 The Indian Rupee concluded inferior by 9 paise at 68.25/$. Today the local unit hit an elevated of 67.98/$ and a low of 68.27/$.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.23 whereas for the Euro it was 72.43.

 The RBI’s reference rate for the Yen stood at 61.46; reference rate for the Great Britain Pound (GBP) stood at 85.1668.