Indian rupee ended flat at Thursday’s close on Friday on account of heavy dollar demand by oil importers and state run banks on behalf of Reserve Bank of India, which kept a lid on the appreciation of Indian currency. Nevertheless, any kind of slide was restricted on account of record high close of local equities as investors piled up aggressive bets in the run-up to budget, which is scheduled to be presented on July 10. Though, weakness of dollar overseas also aided the currency to some extent. On the global front, dollar struggled to make more headway on Friday after a jump in U.S. job creation left stock markets in optimistic mood but did not convince traders it would be a trigger for the U.S. Federal Reserve to move toward higher interest rates.
Finally, the rupee ended flat at Thursday’s close of 59.74 on Friday. The currency has touched a high and low of 59.82 and 59.60 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.79 and for Euro stood at 81.32 on July 04, 2014. While, the RBI’s reference rate for the Yen stood at 58.60, the reference rate for the Great Britain Pound (GBP) stood at 102.6601. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
