Indian rupee after ending subdued in previous session lost further ground on Wednesday and ended near a week low level against dollar on Wednesday tailing sharper losses of local equities, while incremental dollar demand from importers also weighed on the sentiment. The currency also depreciated as most of the traders preferred staying on the sidelines in the holiday truncated Christmas week on concerns of incremental foreign outflows by end of this year. On the global front, dollar held near its highest point in almost nine years against a basket of currencies on Wednesday after investors brought forward forecasts for when U.S. interest rates will rise.
Finally the rupee ended at 63.52, weaker by 23 paise from its previous close of 63.29 on Tuesday. The currency touched a high and low of 63.56 and 63.37 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.46 and for Euro stood at 77.30 on December 24, 2014. While, the RBI’s reference rate for the Yen stood at 52.73, the reference rate for the Great Britain Pound (GBP) stood at 98.5111. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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