Extending its weakness for the third straight session, Indian rupee depreciated substantially against dollar on Monday on strong demand for the American unit from importers and banks. The rupee again crossed the 67-mark against the US dollar, tracking the losses in global equity markets. Losses in local equity market too pressurized rupee. Besides, weak domestic factory output data released on Friday and cautiousness over the CPI data scheduled later in the day, too weighed heavily on the domestic currency. On the global front, yen was high against the dollar and euro on Monday, as investors sought refuge in traditional safety of the Japanese currency on lingering fears about the U.K. referendum on European Union membership next week.
Finally, the rupee ended at 67.14, 39 paise weaker from its previous close at 66.75 on Friday. The currency touched a high and low of 67.18 and 66.98 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.07 and for Euro stood at 75.51 on June 13, 2016. While the RBI’s reference rate for the Yen stood at 63.32, the reference rate for the Great Britain Pound (GBP) stood at 95.1172. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
