Indian rupee extending its weakness for the second straight day declined on Friday due to persistent month end demand for the American currency by banks and importers. Besides, gains in the local equity market didn’t support the rupee, while the dollar's strength against other currencies overseas kept pressure on the domestic currency. Meanwhile, caution is likely to prevail as investors are closely monitoring the proceedings of the winter session of Parliament and eyeing the passage of the crucial GST bill. On the global front, dollar hovered at eight-month highs against the other major currencies on Friday on expectation of an upcoming U.S. rate hike and as trading volumes were expected to remain thin for the long Thanksgiving weekend.
Finally, the rupee ended at 66.76, 19 paise weaker from its previous close of 66.57 on Thursday. The currency touched a high and low of 66.89 and 66.65 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.75 and for Euro stood at 70.87 on November 27, 2015. While, the RBI’s reference rate for the Yen stood at 54.53 the reference rate for the Great Britain Pound (GBP) stood at 100.6795. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
