Indian rupee after making a weak start lost some more ground on account of increased demand for the US currency from importers and jump in global crude prices as tensions flared up between Iran and Saudi Arabia.
On the domestic front, Indian manufacturers saw business conditions deteriorate at the end of 2015. Dipping from 50.3 in November to 49.1 in December, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers’ Index (PMI) – a composite single-figure indicator of manufacturing performance – pointed to a deterioration in operating conditions across the sector, with the PMI posting below the no-change level of 50.0 for the first time since October 2013. On global front, China’s Caixin Manufacturing PMI for December declined to 48.2 from 48.6 in November. This represents the tenth consecutive monthly contraction.
The currency is currently trading at 66.47/$, weaker by 33 paise from its previous close of 66.14/$ on Friday. The currency touched a high and low of 66.46/$ and 66.74/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.17 and for Euro stood at 71.86 on January 01, 2016. While, the RBI’s reference rate for the Yen stood at 55.01, the reference rate for the Great Britain Pound (GBP) stood at 97.6059.
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