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Rupee concludes weaker against dollar ahead of monetary policy review

08 Aug 2016 Evaluate

Indian rupee concluded weaker against dollar on Monday as Investors remained cautious ahead of Reserve Bank of India’s monetary policy review scheduled on Tuesday. Dollar strengthened against other major currencies on stronger-than-expected US jobs growth data, also weighed on sentiments. The US generated 255,000 new jobs in July, furnishing fresh proof that companies are still hiring plenty of workers even though the economy is operating at a lower pace. However, losses remained capped with Finance Minister Arun Jaitley’s statement that Indian economy has defied global slowdown and geo-political tensions and is now poised to seize the opportunity to grow faster.

Finally the rupee ended at 66.84, weaker by 6 paise from its previous close of 66.78 on Friday. The currency touched a high and low of 66.85 and 66.71 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.74 and for Euro stood at 74.06 on August 8, 2016. While, the RBI’s reference rate for the Yen stood at 65.40, the reference rate for the Great Britain Pound (GBP) stood at 87.28. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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