Indian rupee ended little changed on Wednesday on account of sustained dollar demand from importers amid US rate hike concerns, while losses of local equities also weighed on the sentiment. Besides, prevailing caution ahead of the release of February CPI and January IIP data on Monday, scheduled to be unveiled on Thursday also capped the gains of local unit. Nevertheless, losses were prevented on account of Q3 FY15 CAD data, which narrowed on sequential basis to $8.2 billion, or 1.6% of gross domestic product compared to $10.1 billion or 2.0% of GDP in the previous quarter. On the global front, euro plumbed another 12-year low against the dollar on Wednesday, extending a broad decline since the European Central Bank kicked off its 1.1 trillion euro asset-buying programme at the start of the week.
Finally the rupee ended at 62.78, little changed from its previous close of 62.77 on Tuesday. The currency touched a high and low of 62.87 and 62.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.74 and for Euro stood at 67.09 on March 11, 2015. While, the RBI’s reference rate for the Yen stood at 51.74, the reference rate for the Great Britain Pound (GBP) stood at 94.6006. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
