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Rupee extends weakness on month-end dollar demand

26 Mar 2015 Evaluate

Indian rupee, after snapping five consecutive sessions’ appreciating streak in previous trading session, extended weakness on Thursday on the back of month-end dollar demand from banks and oil importers in view of strength of American currency overseas. Additionally, negative local equities also were weighing on the sentiment. The currency after making a weak start, just went on losing ground to trade near a week-low level. On the global front, US dollar was trading lower in small ranges on Thursday, edging towards a four-week low against the yen in the wake of disappointing U.S. data that suggested the greenback's recent rally is on ice for now.

The partially convertible currency is currently trading at 62.69, weaker by 36 paise from its previous close of 62.33 on Wednesday. The currency touched a high and low of 62.73 and 62.55 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.34 and for Euro stood at 68.12 on March 25, 2015. While, the RBI’s reference rate for the Yen stood at 52.07, the reference rate for the Great Britain Pound (GBP) stood at 92.6463. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
March 25, 201562.34 92.6463
March 24, 201562.19 92.9312

(RBI-Reference Rate)

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