Indian rupee extended its decline for the fourth straight session on Thursday on persistent dollar demand from banks and importers to meet their month end requirements. The dollar strengthened overseas and added pressure to rupee, safe-haven buying has been helping the dollar rally for last couple of days. Weakness in global equities too weighed on the sentiments, although the local equity markets recovering from the lows of the day posted modest gains on short covering buying and restricted any steep fall in the domestic currency. On the global front, dollar after trading firm turned a bit cautious ahead of a speech by Federal Reserve Chair Janet Yellen due later in the day.
Finally, the rupee ended at 66.15, 16 paise weaker from its previous close of 65.99 on Wednesday. The currency touched a high and low of 66.12 and 65.89 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.09 and for Euro stood at 73.95 on September 24, 2015. While, the RBI’s reference rate for the Yen stood at 55.08, the reference rate for the Great Britain Pound (GBP) stood at 100.8874. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
