Indian rupee ended at fresh three-week low against dollar on Monday after Urjit Patel’s appointment as the new governor of the Reserve Bank of India (RBI) will reinforce the view that the inflation hawk will persist with his strident anti-inflation stance. Besides, dollar firmed up against some global currencies on US interest rate hike hopes this year after the Federal Reserve Vice Chairman Stanley Fischer too dampened on rupee sentiment. On the global front, yen weakened against the U.S. dollar on expectations of expanded stimulus by the Japanese central bank next month.
Finally the rupee ended at 67.18, weaker by 12 paise from its previous close of 67.06 on Friday. The currency touched a high and low of 67.24 and 67.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.19 and for Euro stood at 75.80 on August 22, 2016. While the RBI’s reference rate for the Yen stood at 66.67, the reference rate for the Great Britain Pound (GBP) stood at 87.67.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
