Extending losses for the second day in a row, Indian rupee ended marginally weaker against the US dollar on Tuesday, due to increased demand of the greenback from the importers and the banks. Investors remained cautious ahead of the US Federal Reserve meeting due later today on clues over next policy tightening. Sentiment was also dampened by lackluster trade in the equity markets. However, losses remained capped as some comfort came with commerce and industry minister Nirmala Sitharaman’s statement that Foreign Direct Investment (FDI) inflows into the country increased 23 percent in the first two months of the current fiscal from a year ago.
Finally, the rupee ended at 64.38, 4 paise weaker from its previous close of 64.34 on Monday. The currency touched a high and low of 64.41 and 64.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.35 and for Euro stood at 75.06 on July 25, 2017. While the RBI’s reference rate for the Yen stood at 58.05, the reference rate for the Great Britain Pound (GBP) stood at 83.87. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
