Indian rupee surrendered its early gains and ended weaker against dollar on Tuesday on mild demand for American currency from the banks and importers. The domestic currency has extended its weakness for the fourth straight session. Investors even ignored the Finance Minister Arun Jaitley's statement that he is confident in getting the GST Bill passed in the upcoming monsoon session. However, dollar's weakness against other currencies and gains in local equity market restricted the fall of rupee to some extent. On the global front, yen hit a 2-1/2-week low on Tuesday as a move up in oil prices boosted risk appetite, and as investors worried that after giving several warnings, Japanese officials would intervene to weaken the yen.
Finally, the rupee ended at 66.87, 7 paise weaker from its previous close at 66.80 on Monday. The currency touched a high and low of 66.88 and 66.67 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.72 and for Euro stood at 75.49 on May 16, 2016. While the RBI’s reference rate for the Yen stood at 61.07, the reference rate for the Great Britain Pound (GBP) stood at 96.5953. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
