Indian rupee could not extend its gains to the new week and witnessed some profit taking, after three straight sessions of upmoves on Monday against the US dollar. The domestic currency showed some strength in the beginning and touched its more than two months high, even though most Asian currencies traded lower. However, profit taking with dollar demand from importers halted the gaining streak of the rupee and despite the gains in the local equity markets amid sustained foreign fund inflows, rupee ended weaker, as traders avoided long positions owing to a shortened week. On the global front, dollar was little changed against the euro and the yen in quiet trade on Monday, while the euro came under pressure after ECB Chief Economist Peter Praet said that euro zone interest rates could go even lower.
Finally, the rupee ended at 66.53, 3 paise weaker from its previous close of 66.50 on Friday. The currency touched a high and low of 66.55 and 66.41 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.50 and for Euro stood at 74.91 on March 21, 2016. While the RBI’s reference rate for the Yen stood at 59.66, the reference rate for the Great Britain Pound (GBP) stood at 95.8722. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
