The Indian rupee after making a modestly positive start lost its direction in the latter trade to end lower on Monday. The domestic currency extending its euphoric mood after last session’s surge slipped, as the dollar fell against a basket of other major currencies with investors remaining skeptical of US Republicans’ efforts to pass tax cuts. However, the domestic markets remained lackluster and weighed on the currency amid increased dollar demand from importers, finally dragging the rupee lower for the day. On the global front, the dollar pared gains against other major currencies on Monday, as sentiments were impacted by uncertainty over the fate of a major US tax overhaul and political turmoil in Germany.
Finally, the rupee ended at 65.09, 8 paise weaker from its previous close of 65.01 on Friday. The currency touched a high and low of 65.12 and 64.97 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.05 and for Euro stood at 76.36 on November 20, 2017. While the RBI's reference rate for the Yen stood at 58.08, the reference rate for the Great Britain Pound (GBP) stood at 85.93. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
