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Indian rupee ends weaker on Thursday

08 Sep 2016 Evaluate

Indian rupee ended weaker against the US dollar, on increased demand of the greenback from the importers and the banks. Rupee Sentiments remained down with the report that the country-wide monsoon deficit stood at 4% with northeastern and eastern states reporting 13% less rains from June 1 to September 7, 2016. June witnessed a rain deficiency of 11%, while July had 7% of surplus rainfall. August again witnessed a dip of 9.7%. Weakness in Asian currencies too weighed on the rupee sentiments. However, strong gains in the domestic equity market restricted the rupee losses. On the global front, yen gained against the dollar after a Bank of Japan deputy governor gave few fresh clues on whether the central bank will expand its monetary stimulus this month.

Finally the rupee ended at 66.43, weaker by 6 paise from its previous close of 66.37 on Wednesday. The currency touched a high and low of 66.49 and 66.38 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.44 and for Euro stood at 74.77 on September 8, 2016. While the RBI’s reference rate for the Yen stood at 65.33, the reference rate for the Great Britain Pound (GBP) stood at 88.61.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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