Indian rupee extended its weakness on Monday for the second consecutive day after the American currency strengthened overseas amid persistent foreign capital outflows. Rupee hit its lowest level since June 1 against dollar as sentiments turned bearish on combination of growing US rate hike expectations and stunning dollar run. Sentiments remained down-beat after a private report has stated that India's economic growth is expected to fall by up to 1 percentage points over the next 12 months in the wake of demonetisation, while longer-term gains will depend on follow-up reforms. On the global front, yen gained against dollar as a 'Trumpflation'-fuelled rally paused and political risks came to the fore in Europe.
Finally, the rupee ended at 68.16, 4 paise weaker from its previous close of 68.12 on Friday. The currency touched a high and low of 68.27 and 68.08 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.25 and for Euro stood at 72.35 on November 21, 2016. While the RBI’s reference rate for the Yen stood at 61.45, the reference rate for the Great Britain Pound (GBP) stood at 84.20.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
