Snapping two days gaining streak, Indian rupee ended weaker against dollar on Thursday, due to fresh demand for the American currency from banks and importers. The investors failed to get any sense of relief with Union Finance Minister Arun Jaitley’s statement that tax collections will go up considerably in the medium-to-long term as more people will come under the tax net due to the demonetisation of Rs 500 and Rs 1,000 currency notes. According to him, the step by the government to crack down on black money, terror financing and corruption not merely nudges the economy towards a cashless society but is a significant push in that direction. On the global front, dollar jumped to its highest level in two weeks and continued to reverse brief initial losses from the surprise election of businessman Donald Trump as U.S. president, as markets awaited more clarity on his economic policy.
Finally, the rupee ended at 66.62, 19 paise weaker from its previous close of 66.43 on Wednesday. The currency touched a high and low of 66.64 and 66.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.42 and for Euro stood at 72.71 on November 10, 2016. While the RBI’s reference rate for the Yen stood at 63.02, the reference rate for the Great Britain Pound (GBP) stood at 82.50.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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