Ripples Advisory, get best Commodity Tips, Rupee hits 5-week low against US dollar

At 9.15am, the rupee was trading at 64.69 a dollar, down 0.15% from its Thursday’s close of 64.63

The Indian rupee on Friday weakened for the fourth consecutive session to hit a five-week low against the US dollar, tracking volatile local equity markets ahead of the rollout of goods and services tax (GST) from 1 July.

The rupee opened at 64.72 a dollar and touched a low of 64.73—a level last seen on 24 June. At 9.15am, the rupee was trading at 64.69 a dollar, down 0.15% from its Thursday’s close of 64.63.

The government will hold a special midnight session of Parliament on 30 June to roll out GST. The GST will replace the existing multiple indirect taxes with uniform tax across India, making it easier to do business in Asia’s third-largest economy and in turn boost domestic stocks.

But the markets will need some time to adjust to the GST implementation process, which could partially hurt corporate earnings, although the ill-effects will likely fade in the long term, Reuters reported.

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