Indian rupee depreciated against dollar on Wednesday tailing losses in local equities ahead of outcome of US Federal Reserve two day’s meeting. Additionally, month end dollar demand from bank and oil importers also weighed on sentiment to some extent. However, dollar’s weakness overseas prevented sharper slide of Indian currency. On the global front, dollar wallowed near a two month low against a basket of major currencies on Wednesday as the market hedged the risk that the Federal Reserve might adopt a more dovish tone in statements following the two day policy review.
Finally, the rupee ended at 63.30, weaker by 11 paise from its previous close of 63.19 on Tuesday. The currency touched a high and low of 63.38 and 63.14 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.20 and for Euro stood at 69.33 on April 29, 2015. While, the RBI’s reference rate for the Yen stood at 53.08, the reference rate for the Great Britain Pound (GBP) stood at 97.0095. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
