Indian rupee snapped its gaining streak on Monday and pared some of the gains gathered in previous week, following month-end dollar demand from importers and banks. The weakness in other regional currencies too weighed on the domestic currency and traders largely ignored the extended gains in the local equity markets, which ended with modest gains. Traders also remained cautious ahead of the release of the gross domestic product (GDP) and fiscal deficit data on 31 May. On the global front, the dollar held steady at two-month highs against the other major currencies on Monday, on signal by Fed chief Janet Yellen about the upcoming rate hikes.
Finally, the rupee ended at 67.17, 14 paise weaker from its previous close at 67.03 on Friday. The currency touched a high and low of 67.37 and 67.18 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.33 and for Euro stood at 74.84 on May 30, 2016. While the RBI’s reference rate for the Yen stood at 60.49, the reference rate for the Great Britain Pound (GBP) stood at 98.4373. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
