Extending its weakness for the second straight session, Indian rupee ended lower on Monday due to month-end dollar demand from banks and importers. Besides, weak domestic equity market too weighed on the domestic currency. However, the dollar’s weakness against other currencies capped some losses. Further, the key gross domestic product (GDP) data for the April-June quarter which is to be announced later in the day also hit the sentiment of the domestic currency. On the global front the euro remained modestly higher against the dollar after data showed that the euro area’s inflation rate held steady in August at 0.2%, adding to concerns that the European Central Bank may scale up its stimulus program.
Finally, the rupee ended at 66.48, 32 paise weaker from its previous close of 66.16 on Friday. The currency touched a high and low of 66.49 and 66.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.30 and for Euro stood at 74.49 on August 31, 2015. While, the RBI’s reference rate for the Yen stood at 54.75, the reference rate for the Great Britain Pound (GBP) stood at 102.3105. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
