Indian rupee ended weaker against dollar on Monday after the Central Bank Governor Raghuram Rajan’s surprise announcement that he would quit when his term ends in September. Rajan said on Saturday that he will return to academia after his current three-year term expires in September, ending weeks of speculation about his future as RBI governor. Besides, demand for dollar by banks and importers too added the pessimistic milieu of the currency. However losses remained capped up to certain extent due to gains in the local equity market. On the global front, Euro was higher today against the US Dollar, as the latest polls suggest for Brexit remain camp gaining bids.
Finally, the rupee ended 67.31, 23 paise weaker from its previous close at 67.08 on Friday. The currency touched a high and low of 67.69 and 67.29 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.40 and for Euro stood at 76.53 on June 20, 2016. While the RBI’s reference rate for the Yen stood at 64.44, the reference rate for the Great Britain Pound (GBP) stood at 98.1538. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
