Indian rupee ended at a 6-week low against US dollar on Monday, following continued dollar demand from banks and importers coupled with heavy capital outflows. Investors have maintained cautious approach ahead of the Consumer Price Index-based inflation data for October scheduled to be released later today. Some pessimism also came with data showing that India’s Industrial production growth slowed down to 3.8% in the month of September 2017, as against 5.7% in September 2016, due to subdued performance of the manufacturing sector, coupled with contraction in output of consumer durables. Moreover, a firming dollar overseas coupled with heavy losses in domestic equity markets, too weighed heavily on forex sentiment. On the global front, pound dropped against dollar on Monday after reports that several members of Parliament want Prime Minister Theresa May to resign, the latest sign of turmoil in the British government.
Finally, the rupee ended at 65.42, 26 paise weaker from its previous close of 65.16 on Friday. The currency touched a high and low of 65.51 and 65.25 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.42 and for Euro stood at 76.21 on November 13, 2017. While the RBI's reference rate for the Yen stood at 57.68, the reference rate for the Great Britain Pound (GBP) stood at 85.82. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
