Indian rupee weaker against dollar on Tuesday due to sustained demand for the American currency from importers amid foreign fund outflows. This is the second session of weakness after Reserve Bank of India (RBI) Governor Raghuram Rajan on Saturday said that he did not want a new term as a governor. Besides, weak domestic markets weighed on the rupee. However, dollar weakness against major currency market overseas limited the rupee fall. The domestic currency is dealing with other uncertainties such as the upcoming vote on Britain’s exit from the euro zone. On the global front, dollar made up some lost ground against yen on Tuesday, ahead of the U.K. referendum on European Union membership later in the week.
Finally, the rupee ended 67.49, 18 paise weaker from its previous close at 67.31 on Monday. The currency touched a high and low of 67.55 and 67.36 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.47 and for Euro stood at 76.45 on June 21, 2016. While the RBI’s reference rate for the Yen stood at 64.59, the reference rate for the Great Britain Pound (GBP) stood at 99.2582. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
