Indian rupee concluded substantially weaker against dollar on account of sustained dollar demand from importers and banks. Besides, losses in the domestic equity market and dollar firmed up against some global currencies also weighed on the rupee sentiment. Sentiments remained down-beat with the report that growth in India's services firms fell to a seven-month low of 50.3 in June as compared to the previous month of May as new business grew at its slowest pace in the previous 11 months. The Nikkei/Markit Services Purchasing Managers' Index (PMI) cooled for the third straight month in June, having declined to 51 points in May, the weakest since November 2015. On the global front, the yen rose against the dollar on fears about Italian banks' finances, while the resignation of a leading Brexit campaigner sparked renewed worries about Britain's political situation as it prepares to break from the EU.
Finally the rupee ended at 67.45, weaker by 18 paise from its previous close of 67.27 on Monday. The currency touched a high and low of 67.51 and 67.32 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.40 and for Euro stood at 75.03 on July 5, 2016. While, the RBI’s reference rate for the Yen stood at 66.06, the reference rate for the Great Britain Pound (GBP) stood at 89.1537. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
