Indian rupee depreciated to three months low on Thursday on account of incremental month-end dollar demand from banks for corporate and defence related payments. Additionally, colossal losses of local equities on final F&O expiry session combined with data which showed FII’s turning as net sellers for equity segment for today’s trading session, also added to downbeat mood. FII sold net of Rs 276.01 crore in equity segment, while they turned out to be buyers, by investing Rs 361.28 crore in debt segment. On the global front, euro hovered near a nine-month trough against the dollar on Thursday after data showed euro zone inflation falling to its lowest since the height of the financial crisis five years ago. Meanwhile, dollar held below a 10-month peak against a basket of major currencies after soaring on upbeat U.S. growth data, with mixed views from the Federal Reserve tempering the rally.
Finally, the rupee ended at 60.54, weaker by 47 paise from its previous close of 60.07 on Wednesday. The currency touched a high and low of 60.59 and 60.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.24 and for Euro stood at 80.69 on July 31, 2014. While, the RBI’s reference rate for the Yen stood at 58.61, the reference rate for the Great Britain Pound (GBP) stood at 101.9242. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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