Snapping its three days gaining streak Indian rupee ended marginally weak against dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Besides, dollar strength against basket of major currencies overseas too hit the rupee sentiment. However gains in local equity market capped some losses. Sentiment was downbeat after the India’s merchandise exports dipped for the 11th month in a row and stood at $21.35 billion, down by 17.33 percent, due to weak global demands. On the global front, euro was at seven-month low against the dollar on Tuesday despite data showing the confidence of the German investor rebounded this month, as the diverging monetary policy outlook between the Federal Reserve and the European Central Bank weighed.
Finally, the rupee ended at 66.03, 3 paise weaker from its previous close of 66.00 on Monday. The currency touched a high and low of 66.08 and 65.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.98 and for Euro stood at 70.34 on November 17, 2015. While, the RBI’s reference rate for the Yen stood at 53.48 the reference rate for the Great Britain Pound (GBP) stood at 100.1056. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
