Indian rupee ended weaker on Wednesday against dollar, due to foreign fund outflows amid fall in the country’s exports and widening of the trade deficit. Persistent demand for the dollar from importers also weighed on the rupee sentiment. Contracting for the ninth month in a row, India’s exports plunged 20.66 per cent to $21.26 billion in August, while the trade deficit widened to $12.48 billion in August, compared with $10.7 billion a year ago. Investors are also cautious ahead of the US Federal Reserve meeting. However the gains in the equity market capped the rupee losses. On the global front, dollar edged higher against the other major currencies, as investors remained cautious ahead of the Federal Reserve's highly-anticipated policy statement due on Thursday.
Finally, the rupee ended at 66.45, 9 paise weaker from its previous close of 66.36 on Tuesday. The currency touched a high and low of 66.50 and 66.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.50 and for Euro stood at 75.02 on September 16, 2015. While, the RBI’s reference rate for the Yen stood at 55.34, the reference rate for the Great Britain Pound (GBP) stood at 101.9977. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
