Indian rupee depreciated for the fifth consecutive session against the US dollar on Thursday amid sustained foreign fund outflows. The sentiments remained down-beat after Commerce and Industry Minister Nirmala Sitharaman’s has said that economic output in the current quarter may get affected, with the government’s demonetization drive temporarily hitting commercial activities in some sectors. Sentiments were under pressure as the US Fed gave more signals that it was inclined towards a rate hike in December. Besides, losses in the domestic equity markets coupled with surging US bond yields too dampened on the rupee sentiments.
Finally, the rupee ended at 68.74, 18 paise weaker from its previous close of 68.56 on Wednesday. The currency touched a high and low of 68.86 and 68.59 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.65 and for Euro stood at 72.38 on November 24, 2016. While the RBI’s reference rate for the Yen stood at 60.90, the reference rate for the Great Britain Pound (GBP) stood at 85.36.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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