Indian rupee turned lower on Thursday, extending its decline for the second straight session, due to sustained dollar demand from banks and importers amid higher dollar overseas. The strength in dollar overseas led the importers back home to increase their dollar position. The domestic currency was also weighed down by the slump in the local equity markets. On the global front, the dollar strengthened as US economic reports bolstered the case for higher rates. Data showed a better-than-expected recovery in the US home re-sales.
Finally, the rupee ended at 63.77, 19 paise weaker from its previous close of 63.58 on Wednesday. The currency touched a high and low of 63.80 and 63.63 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.71 and for Euro stood at 69.62 on July 23, 2015. While, the RBI’s reference rate for the Yen stood at 51.37, the reference rate for the Great Britain Pound (GBP) stood at 99.5719. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
