Indian rupee turned lower on Monday against the US dollar amid rising hopes of interest rate hikes by the US Fed. The domestic currency was also weighed down by increased demand for the dollar from importers and a weak trading in the domestic equity market. On global front, the dollar surged to three-month highs on Monday, on expectations of a US rate rise, the strength of the dollar weighed on gold and its prices plunged to their lowest in more than five years.
Finally, the rupee ended at 63.66, 19 paise weaker from its previous close of 63.47 on Friday. The currency touched a high and low of 63.66 and 63.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.55 and for Euro stood at 68.83 on July 20, 2015. While, the RBI’s reference rate for the Yen stood at 51.20, the reference rate for the Great Britain Pound (GBP) stood at 99.1014. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
