Extending weakness for the second straight day, Indian rupee depreciated against dollar on Tuesday, hurt by fresh demand for the American currency from importers. Traders remained cautious with Securities and Exchange Board of India’s (SEBI) data showing that investments through participatory notes into Indian capital markets plunged to over nine-year low of Rs 83,688 crore at June-end amid stringent norms put in place by the SEBI to check the misuse of these instruments. However, weakness in the greenback against other currencies overseas along with a positive closing of local bourses limited the rupee's fall. On the global front, pound edged up on Tuesday as the dollar skidded lower but gains for the British currency were capped by fresh angst over Brexit and doubts about the economy.
Finally, the rupee ended at 68.95, 9 paise weaker from its previous close of 68.86 on Monday. The currency touched a high and low of 69.08 and 68.84 respectively. The reference rate for the dollar stood at 69.05 and for Euro stood at 80.54 on July 24, 2018. While the RBI’s reference rate for the Yen stood at 61.98, the reference rate for the Great Britain Pound (GBP) stood at 90.30. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
