Snapping its four-day winning streak, Indian rupee ended considerably weaker against dollar on Monday due to demand for greenback by banks and importers. Sentiments also remained dampened on ASSOCHAM’s report that with the external value of the Indian rupee superseding its internal strength despite lower inflation, the resultant mismatch and the continuing trend is hurting exporters, whose competitive edge gets directly hit with the declining value of the dollar against the domestic currency. Moreover, the dollar’s gains against some currencies overseas on strong jobs data put the rupee on back-foot.
Finally, the rupee ended at 63.80, 23 paise weaker from its previous close of 63.57 on Friday. The currency touched a high and low of 63.84 and 63.65 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.73 and for Euro stood at 75.10 on August 07, 2017. While the RBI’s reference rate for the Yen stood at 57.55, the reference rate for the Great Britain Pound (GBP) stood at 83.15. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
