Indian rupee depreciated against dollar on Monday after Fed Chair Janet Yellen acknowledged a strengthening economy and said that rates could move higher over coming months. Traders also remained cautious ahead of the gross domestic product (GDP) data for the June quarter and fiscal deficit data for July on 31 August. Besides, dollar strengthened against the other currencies also dampened on rupee sentiment. However, domestic currency got some support with reports that in order to ensure that Goods and Services Tax (GST) is rolled out by April 1, 2017, the government is trying hard to get the winter session of Parliament advanced by a fortnight to pass the bill. Winter Session of Parliament is normally convened in the third or fourth week of November. On the global front, yen weakened against dollar after U.S. Federal Reserve Chair Janet Yellen advocated gradual tightening of interest rates.
Finally the rupee ended at 67.17, weaker by 11 paise from its previous close of 67.06 on Friday. The currency touched a high and low of 67.21 and 67.14 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.18 and for Euro stood at 75.18 on August 29, 2016. While the RBI’s reference rate for the Yen stood at 65.62, the reference rate for the Great Britain Pound (GBP) stood at 88.01.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
