Indian rupee, extending southbound journey, ended weaker on Friday after trading in a tight band for much of the session as month-end dollar demand from oil importers counterbalanced the large dollar inflows seen towards Yes Bank's share sale. Additionally, caution ahead of Q4 GDP data and Reserve Bank of India’s monetary policy review on Tuesday for outlook on inflation and expectations on the new government's budget added to the underlying weak sentiment of Indian currency. On the global front, dollar eased against other major currencies on Friday as traders tidied up books at month's end and warily awaited potentially market-moving meetings next week by the European Central Bank and other monetary policymakers.
Finally the rupee ended at 59.11, weaker by paise from its previous close of 59.04 on Thursday. The currency touched a high and low of 59.11 and 58.93 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.03 and for Euro stood at 80.33 on May 30, 2014. While, the RBI’s reference rate for the Yen stood at 58.10, the reference rate for the Great Britain Pound (GBP) stood at 98.9106. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
