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Rupee ends weaker along with equities on Tuesday

08 Dec 2015 Evaluate

Indian rupee ended weaker against dollar on Tuesday due to sustained foreign fund outflows amid increased demand for the US currency from importers. Besides, weak trade in the local equity market also weighed on the domestic currency. Investors failed to draw any sense of relief with ratings agency Fitch, while maintaining a stable outlook for India, stated that the country’s economy will grow by 7.5 percent in the current fiscal that will stand out globally, but warned that its business environment would remain weak despite improvements. On the global front, yen picked up after better-than-expected Japanese growth data eased worries about the economy.

Finally, the rupee ended at 66.84, 11 paise weaker against its previous close of 66.73 on Monday. The currency touched a high and low of 66.84 and 66.71 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.79 and for Euro stood at 72.51 on December 08, 2015. While, the RBI’s reference rate for the Yen stood at 54.27 the reference rate for the Great Britain Pound (GBP) stood at 100.4914. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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