Indian rupee concluded substantially weaker against dollar on account of sustained dollar demand from importers and banks. Dollar strengthens against some global currencies also weighed on the rupee sentiment. Investors remained cautious after the International Monetary Fund (IMF) warned that headwinds from weaknesses in Indian corporate and bank balance sheets, slowing pace of reforms and sluggish exports may weigh on the country's economic growth. On the global front, dollar inched up against the euro and yen ahead of meetings of U.S. Federal Reserve and the Bank of Japan that investors on balance expect to be positive for the greenback.
Finally the rupee ended at 67.35, weaker by 28 paise from its previous close of 67.07 on Friday. The currency touched a high and low of 67.36 and 67.17 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.24 and for Euro stood at 73.80 on July 25, 2016. While, the RBI’s reference rate for the Yen stood at 63.37, the reference rate for the Great Britain Pound (GBP) stood at 88.35. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
