Indian rupee continued its weakening trend on Wednesday and breached the psychological 64/dollar mark. The domestic currency was weak from the very beginning with expectations the US is moving closer to raising interest rates making the dollar stronger overseas. On the domestic front there was fresh dollar demand from banks and importers to meet their month-end requirement that weighed on the rupee and though the equity markets showed sign of recovery at last, currency remained in somber mood. Overseas, the dollar retreated and was down around a third of one per cent against a basket of major currencies, after jumping 1.3 per cent on Tuesday.
Finally, the rupee ended at 64.02, weaker by 4 paise from its previous close of 63.98 on Tuesday. The currency touched a high and low of 64.15 and 63.89 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.94 and for Euro stood at 69.85 on May 27, 2015. While, the RBI’s reference rate for the Yen stood at 52.02, the reference rate for the Great Britain Pound (GBP) stood at 98.6390. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
