Indian rupee extended its weakness on Thursday for the fourth consecutive day amid persistent foreign capital outflows and after the American currency strengthened overseas. The domestic currency made a soft start and weakened further after the local equity markets turned lower. Also, there was increased demand for the American unit from importers that weighed on the sentiments of the rupee. There is general perception that the rupee will further weaken in run-up to the Budget with corporate increasing their dollar-buying from the market. In the global markets, the euro dipped on Thursday after regional finance ministers failed to secure a debt agreement with Greece.
Finally the rupee ended at 62.30, weaker by 4 paise from its previous close of 62.26 on Wednesday. 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 62.43 and for Euro stood at 70.63 on February 12, 2015. While, the RBI’s reference rate for the Yen stood at 51.95, the reference rate for the Great Britain Pound (GBP) stood at 95.0185. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
