Indian rupee ended weaker against the US dollar on Monday amid heavy selling in domestic equities and rising crude oil prices. Traders remained concerned about the Reserve Bank of India’s (RBI) data showing that after touching record highs, the foreign exchange reserves declined by $1.113 billion to $428.797 billion in the week to July 12 - the first fall after four consecutive weeks of gains - due to a fall in foreign currency assets. Besides, dollar’s strength against major global currencies overseas largely led to weaker rupee sentiment. However, losses remain capped as some optimism remained among the traders with Asian Development Bank (ADB) has lowered the inflation forecast for India during the current financial year by 0.2 percentage points to 4.1 percent, on the back of gain in rupee and cut in the country's GDP projection. On the global front, dollar pushed higher against the yen on Monday as investors tempered expectations for an aggressive Federal Reserve interest rate cut later this month.
Finally, the rupee ended at 68.92, 12 paise weaker from its previous close of 68.80 on Friday. The currency touched a high and low of 69.06 and 68.89 respectively. The reference rate for the dollar stood at 68.82 and for Euro stood at 77.51 on July 19, 2019. While the reference rate for the Yen stood at 63.93, the reference rate for the Great Britain Pound (GBP) stood at 86.22.
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