Indian rupee gave up all of its initial gains and ended marginally weaker against dollar on Monday, due to fresh demand for the American currency from banks and importers. Market participants overlooked a private report that the 10 major economies of Asia, including India, are expected to see robust growth and amount to over $28 trillion in real GDP terms on aggregate, more than the US by 2030. Besides, dollar weakened against some currencies overseas coupled with strong gains in the local equity market failed to cast any impact on the rupee. On the global front, Japanese yen rallied to near two-week highs against euro on Monday following reports the central bank was debating moves to scale back its massive monetary stimulus.
Finally, the rupee ended at 68.86, 3 paise weaker from its previous close of 68.83 on Friday. The currency touched a high and low of 68.86 and 68.65 respectively. The reference rate for the dollar stood at 68.70 and for Euro stood at 80.56 on July 23, 2018. While the RBI’s reference rate for the Yen stood at 61.93, the reference rate for the Great Britain Pound (GBP) stood at 90.27. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
