Indian rupee turned lower against the US dollar on Wednesday. The rupee after a cautious start strengthened a bit on selling of the US currency by exporters and banks and a higher opening in domestic stock markets. But the domestic currency that seemed recovering some ground was weighed down by losses in the local equity and Asian currencies markets in last. Traders were focused on the US jobs report for the month of November, due to be released on 4 December for further cues. In the global market, the dollar hovered near its eight-month highs against the other major currencies on Wednesday, on expectations for a December rate hike.
Finally, the rupee ended at 66.59, 10 paise weaker against its previous close of 66.49 on Tuesday. The currency touched a high and low of 66.65 and 66.46 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.61 and for Euro stood at 70.66 on December 02, 2015. While, the RBI’s reference rate for the Yen stood at 54.12 the reference rate for the Great Britain Pound (GBP) stood at 100.3434. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
