Indian rupee extending weakness for the second day depreciated against dollar on Tuesday due to increased demand for the American currency from banks and importers. Investors remained cautious ahead of the US Federal Reserve's two-day policy meeting beginning later today. Some cautiousness also crept ahead of meeting of Prime Minister Narendra Modi with Finance Minister Arun Jaitley and other top officials to take stock of the situation and the discussion for remedial measures to bolster growth. PM will analyze the economic situation with Jaitley and secretaries of the finance ministry and explore options to stimulate the economy. Besides, strength in the US dollar against some other currencies overseas coupled with lackluster trade in the equity markets also weighed on the sentiment of the domestic currency.
Finally, the rupee ended at 64.32, 19 paise weaker from its previous close of 64.13 on Monday. The currency touched a high and low of 64.34 and 64.13 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.17 and for Euro stood at 77.01 on September 19, 2017. While the RBI's reference rate for the Yen stood at 57.45, the reference rate for the Great Britain Pound (GBP) stood at 86.81. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
