Indian rupee concluded weak against dollar on Tuesday tracking weakness in other regional currency. However, recovery of local equity markets aided the currency pare some of its losses and end at the same level from where it began the trade from. Meanwhile, the currency remained largely unaffected from RBI’s status quo stance in its first bi-monthly monetary policy, mainly so on account of it being on expected lines. On the global front, the dollar cut early losses on Monday but continued to feel the carry-over effects of a disappointing U.S. jobs report from Friday that throws into question the timing for a U.S. interest rate increase.
Finally the rupee ended at 62.25, weaker by 6 paise from its previous close of 62.19 on Monday. The currency touched a high and low of 62.40 and 62.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.33 and for Euro stood at 68.07 on April 07, 2015. While, the RBI’s reference rate for the Yen stood at 52.14, the reference rate for the Great Britain Pound (GBP) stood at 92.8312. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
