Indian rupee ended flat on Monday as gains on account of dollar sales from foreign bank were offset by solid American currency demand from oil companies and other importers. Nevertheless, positive close of local equities and strong regional counterparts restricted sharp depreciation of Indian currency. The currency after making a flat start, added some ground in afternoon deals, but soon gave away all its strength on prevailing risk-off sentiment. On the global front, yen and Swiss franc climbed on Monday, supported by safe-haven inflows, while the dollar was pegged back against the euro by subdued U.S. yields.
Finally the rupee ended at 60.29, little changed from its previous close of 60.27 on Friday. The currency touched a high and low of 60.31 and 60.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.18 and for Euro stood at 81.48 on July 21, 2014. While, the RBI’s reference rate for the Yen stood at 59.45, the reference rate for the Great Britain Pound (GBP) stood at 102.8687. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
