Indian rupee witnessed biggest single-day fall in nearly three weeks on Monday on account of caution ahead of upcoming budget this week while absence of dollar inflows due to the U.S. Independence Day holiday also weighed on the sentiment. Falls on Indian currency also tracked weaker Asian currencies, though record high close of local equities restricted further slide. On the global front, dollar edged higher on Monday and touched its highest level in more than a week versus a basket of major currencies staying on firm footing in the wake of last week's solid U.S. jobs data.
Finally, Rupee closed at 60.01, weaker by 27 paise from its previous close of 59.74 on Friday. The currency touched a high and low of 60.04 and 59.81 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.94 and for Euro stood at 81.39 on July 07, 2014. While, the RBI’s reference rate for the Yen stood at 58.71, the reference rate for the Great Britain Pound (GBP) stood at 102.7826. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
