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Rupee snaps three consecutive sessions’ depreciating streak on Thursday

28 May 2015 Evaluate

Indian rupee, snapping three day’s depreciating streak ended stronger on Thursday on incremental selling of the American currency by exporters.  However, losses of local equities, month-end demand for the greenback from importers and the dollar's strength  limited further appreciation of Indian currency.  On the global front, dollar hit its highest since December 2002 against the yen on Thursday due to expectations that U.S. interest rates will rise later this year, while the Australian dollar struck a six-week low following disappointing capital expenditure data.

Finally, the rupee ended at 63.80, stronger by 22 paise from its previous close of 64.02 on Wednesday. The currency touched a high and low of 63.98 and 63.75 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.90 and for Euro stood at 69.73 on May 28, 2015. While, the RBI’s reference rate for the Yen stood at 51.60, the reference rate for the Great Britain Pound (GBP) stood at 98.1647. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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