Rupee ends weaker despite gains in equity

Snapping its two days gaining streak, Indian rupee ended weaker against dollar on Thursday, due to fresh demand for the American currency from banks and importers. The investors failed to get relief from the Prime Minister Narendra Modi’s statement that India is capable of playing the significant role in providing strength to world economy that is facing slowdown. He said that at a time when world economy was facing slowdown like the one witnessed in 2008, India's economy was strong and was giving strength to world economy. Dollar strengthened against other currencies overseas ahead of a closely-watched European Central Bank meeting pulled the rupee down, but positive gains in the domestic equity market minimized some of its losses.

Finally, the rupee ended at 66.81,14 paise weaker from its previous close of 66.67 on Wednesday. The currency touched a high and low of 66.83 and 66.68 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.74 and for Euro stood at 73.14 on October 20, 2016. While the RBI’s reference rate for the Yen stood at 64.35, the reference rate for the Great Britain Pound (GBP) stood at 81.91.The reference rates are based on 12 noon rates of a few select banks in Mumbai.