Indian rupee weakened further on Wednesday due to dollar’s rise against other currencies overseas. The domestic currency remained soft since beginning and could not get much support with the rise in the local equity markets, albeit that only restricted any sharp fall amid sustained capital outflows. Dealers were cautious ahead of the Index of Industrial Production (IIP) and Consumer Price Index (CPI) data due to be announced later tomorrow. Intraday the rupee touched its one month low. In the global market, the dollar hit a fresh one-month high versus the yen and euro ahead of EU talks, Euro zone finance ministers will meet later in the day to discuss Greece ahead of an EU summit on Thursday.
Finally the rupee ended at 62.26, weaker by 6 paise from its previous close of 62.20 on Tuesday. The currency touched a high and low of 62.11 and 62.30 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.15 and for Euro stood at 70.33 on February 11, 2015. While, the RBI’s reference rate for the Yen stood at 52.00, the reference rate for the Great Britain Pound (GBP) stood at 94.7221. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
