Indian rupee depreciated against dollar on Wednesday due to increased demand for American currency from importers and banks. Besides, dollar gains against other currencies overseas too hit the rupee sentiment. Further, International Monetary Fund trimmed India’s growth forecast for the current and next financial years by 0.1 percentage points as it pared global growth by an identical amount, too dampened rupee sentiment. On the global front, the euro fell to a three-week low against the dollar as investors braced for the European Central Bank’s meeting Thursday amid speculation policy makers will signal further stimulus to counter fallout from Britain’s vote to leave the European Union.
Finally, the rupee ended 67.18, 7 paise weaker from its previous close at 67.11 on Tuesday. The currency touched a high and low of 67.25 and 67.14 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.17 and for Euro stood at 73.99 on July 20, 2016. While the RBI’s reference rate for the Yen stood at 63.23, the reference rate for the Great Britain Pound (GBP) stood at 88.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
