Indian rupee extending its early losses, depreciated against dollar on Wednesday on sustained dollar demand from importers, foreign fund outflows and rising global crude oil prices amid dollar's strength against other currencies overseas. The domestic currency was trading weak from the start and losses in local equity market too added to the pessimistic environment of the currency. Besides, losses in Asian currencies' market too pressurized rupee. The domestic unit ended weaker for fifth straight session against dollar. On the global front, dollar rallied to a three-week high against the euro and a basket of currencies on Wednesday on renewed expectations that the Federal Reserve could raise interest rates soon.
Finally, the rupee ended at 66.98, 11 paise weaker from its previous close at 66.87 on Tuesday. The currency touched a high and low of 67.00 and 66.87 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 75.48 on May 18, 2016. While the RBI’s reference rate for the Yen stood at 61.25, the reference rate for the Great Britain Pound (GBP) stood at 96.6091. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
