Indian rupee extending its fall slumped to over a month low on Monday, on back of spurt in dollar outflows triggered by the greenback’s strength globally. There was fresh demand for the dollar from importers coupled with weak trade at equity markets with Sensex posting its biggest fall since March 26, which too weighed on the sentiments. Also, traders remained a bit concerned over the impact of retrospective taxation. In the global markets dollar moved higher against a basket of major currencies, while the China’s yuan fell the most in a week after the central bank reduced the cash reserve ratio.
Finally the rupee ended at 62.91, weaker by 55 paise from its previous close of 62.36 on Friday. The currency touched a high and low of 62.92 and 62.49 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.56 and for Euro stood at 67.49 on April 20, 2015. While, the RBI’s reference rate for the Yen stood at 52.74, the reference rate for the Great Britain Pound (GBP) stood at 93.5634. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
