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Rupee ends weaker ahead of US Fed Reserve meet scheduled for 27-28 October

26 Oct 2015 Evaluate

Indian rupee ended weaker against dollar on Monday due to strong dollar demand from banks and exporters. Besides, the weak trade in the local equity market also hit the sentiment of the domestic currency. Meanwhile, investors remained cautious ahead of the US Federal Reserve meeting scheduled for 27-28 October. Some cautiousness also crept in, as an Assocham study has said that inflation may have dropped significantly from last year, but most Indians still find prices of goods and services consumed on a daily basis growing beyond their comfort level. On the global front, the euro rose slightly versus the dollar, erasing some of its recent losses prompted by ECB President Mario Draghi's remarks signaling the bank could further loosen its monetary grip later this year.

Finally, the rupee ended at 64.96, 13 paise weaker from its previous close of 64.83 on Friday. The currency touched a high and low of 65.01 and 64.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.96 and for Euro stood at 71.64 on October 26, 2015. While, the RBI’s reference rate for the Yen stood at 53.63 the reference rate for the Great Britain Pound (GBP) stood at 99.54. The reference rates are based on 12 noon rates of a few select banks in Mumbai

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