India rupee ended considerably weaker against US dollar as investors indulged in trimming their bets after the minutes of the US Federal Reserve's September meeting indicated a possible rate hike this year. The sentiments were under pressure on the report that Industrial production data contracted once again for the month of August. IIP dipped 0.7 percent in August, due to a slump in manufacturing and mining, in the manufacturing space, capital goods brought about the maximum fall. Weakness in Asian currencies after China's exports unexpectedly declined too weighed on the rupee sentiments. Markets participants remained on the sidelines ahead of monthly inflation data based on consumer price index (CPI) for September due later in the day and wholesale price index (WPI) due on Friday.
Finally, the rupee ended at 66.94, 41 paise weaker from its previous close of 66.53 on Monday. The currency touched a high and low of 66.95 and 66.76 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.84 and for Euro stood at 73.66 on October 13, 2016. While the RBI’s reference rate for the Yen stood at 64.44, the reference rate for the Great Britain Pound (GBP) stood at 81.31.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
