Indian rupee ended marginally higher against dollar on Monday as banks and exporters continued to sell the US currency amid persistent capital inflows. This is the second consecutive session when the rupee is traded higher against dollar. Investors took note of private report that India's foreign exchange reserves are expected to hit $400 billion by September, driven by robust capital inflows and weak credit offtake. However, dollar’s strength against major global currencies overseas along with massive losses of domestic equity markets capped the rupee’s gain. On the global front, dollar edged higher against euro, as investors remained cautious ahead of a closely-watched meeting of central bankers in Jackson Hole in Wyoming this week.
Finally, the rupee ended at 64.13, 1 paise stronger from its previous close of 64.14 on Friday. The currency touched a high and low of 64.16 and 64.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.02 and for Euro stood at 75.21on August 21, 2017. While the RBI’s reference rate for the Yen stood at 58.68, the reference rate for the Great Britain Pound (GBP) stood at 82.39. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
