Indian rupee fell to its lowest level in the last one week on Thursday after India claimed the Army conducted some surgical strikes on terror launch pads across the Line of Control (LoC) and inflicted significant casualties and heavy damages on the Pakistan side. The weakness in domestic currency intensified amid concerns that foreign investors, who have pumped in about Rs 50,000 crore into domestic stocks so far this year, may run for the exit door if the tensions were to rise further. On the global front, dollar rose against the safe-haven yen on Thursday to hit an eight-day high as investors moved into riskier assets following an OPEC deal to cut oil output.
Finally, the rupee ended at 66.85, 38 paise weaker from its previous close of 66.47 on Wednesday. The currency touched a high and low of 66.95 and 66.42 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 74.68 on September 29, 2016. While the RBI’s reference rate for the Yen stood at 65.43, the reference rate for the Great Britain Pound (GBP) stood at 86.61.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
