Indian rupee, after depreciating for previous two trading sessions, concluded flat on Wednesday as weakness on account of greenback demand by state run banks was offset by gains in local shares. The currency remained largely unscathed from 11-month June trade data, which widened to $11.23 billion in May and $11.28 billion in the corresponding month of previous fiscal year after India’s imports grew by 8.33% to $38.24 billion, even as India’s merchandise exports grew at double digits for a second month in a row in June at 10.22% to $26.5 billion from $24 billion recorded in June 2013. On the global front, dollar clung to modest gains early on Wednesday after bulls latched onto a comment by the head of the Federal Reserve that rates could rise sooner if employment continued to improve, while strong inflation sent sterling to a six-year high.
Finally the rupee ended unchanged at 60.13, from its previous close on Tuesday. The currency touched a high and low of 60.27 and 60.09 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.19 and for Euro stood at 81.65 on July 16, 2014. While, the RBI’s reference rate for the Yen stood at 59.19, the reference rate for the Great Britain Pound (GBP) stood at 103.1361. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
