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Rupee extends depreciating streak on Thursday

11 Dec 2014 Evaluate

Indian rupee, extending its depreciating streak for fourth consecutive session, was trading near a month low level on Thursday, on the back of massive sell-off witnessed in local equities due to globally risk averse sentiment. Additionally, dollar demand from oil companies also weighed on the sentiment. However, further slide of Indian currency is likely to be limited on account of RBI’s intervention, which may step in to sell dollar by state run banks. On the global front, dollar inched higher versus the yen on Thursday, getting some respite after falling roughly 3 percent in the past three days as the market unwound stretched positions ahead of the year-end.

The partially convertible currency is currently trading at 62.22, weaker by paise from its previous close of 62.02 on Wednesday. The currency touched a high and low of 62.24 and 62.12 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.95 and for Euro stood at 76.74 on December 10, 2014. While, the RBI’s reference rate for the Yen stood at 51.98, the reference rate for the Great Britain Pound (GBP) stood at 97.1562.

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