Indian rupee ended weaker on Tuesday, the lowest since 27 July, due to a rise in the greenback against other currencies overseas and tracking losses of Asian currencies against dollar. Further, increased demand from importers for the US currency after china devalued the Yuan by nearly 2% against the greenback to levels last seen three years ago also weighed on rupee. Meanwhile, investors were keenly awaiting monthly retail sales data in the US scheduled for Thursday. Rupee is expected to be week in future as Indian equities align with global risk off concerns and incremental disappointment on reform process by the government. Besides, losses of local equities also added to the sentiments of the rupee. On the global front, the dollar surged higher as China allowed Yuan to fall by 2 percent and also was supported by expectation that the Federal Reserve will increase interest-rates as early as next month.
Finally, the rupee ended at 64.20, 34 paise weaker from its previous close of 63.86 on Monday. The currency touched a high and low of 64.27 and 64.02 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.17 and for Euro stood at 70.35 on August 11, 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 99.8471. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
