Indian rupee, after posting its biggest single day gain in a week in previous trading session, appreciated a bit, but cooled off from eleven-month high level on account of RBI’s intervention, which yet again purchased dollars via state run banks. While, month-end dollar demand from some oil marketing companies was also witnessed. Nevertheless, positive local equities prevented any kind of slide of the Indian currency. On the global front, while euro fell to a three-month low against the dollar on Friday, after a soft German business sentiment survey added pressure on the European Central Bank to ease policy next month, dollar steadied near one-week highs against the yen after promising U.S. housing and factory activity data nudged U.S. Treasury yields away from recent lows.
Finally, the rupee ended at 58.50, stronger by 3 paise from its previous close of 58.47 on Thursday. The currency touched a high and low of 58.55 and 58.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.48 and for Euro stood at 79.80 on May 23, 2014. While, the RBI’s reference rate for the Yen stood at 57.57, the reference rate for the Great Britain Pound (GBP) stood at 98.6725. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
