Indian rupee losing ground, ended weak on Friday tailing higher crude oil prices, which threatened to put upward pressure on domestic inflation and aggravate Current Account Deficit (CAD). Meanwhile, negative local equities also weighed on the sentiment. Nevertheless, the Indian currency ended off day’s low on some dollar sales by exporters and state run banks, likely on behalf of Reserve Bank of India. On the global front, dollar inched up on Friday, helped by gains against the safe-haven yen, but it still headed for its worst week since early May against a basket of currencies after the Federal Reserve's surprisingly dovish policy outlook.
Finally, the rupee ended at 60.18, weaker by 9 paise from its previous close of 60.09 on Thursday. The currency touched a high and low of 60.33 and 60.14 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.27 and for Euro stood at 82.12 on June 20, 2014. While, the RBI’s reference rate for the Yen stood at 59.17, the reference rate for the Great Britain Pound (GBP) stood at 102.7688. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
