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Rupee ends lower again on sustained buying of dollar

12 Jun 2015 Evaluate

The Indian rupee turned weak against the US dollar on sustained buying of the US currency by importers and banks. In initial trade the rupee got some support with weakness in dollar overseas but the choppiness in the local equity markets were unable to give any support and weighed on the sentiments. The market sentiment also remained cautious ahead of Consumer Price Index (CPI)-based inflation and index of industrial production (IIP) data scheduled to be released later in the day. On the global front, the dollar held firm in the wake of reassuringly upbeat US retail data.

Finally the rupee ended at 64.06, 9 paise weaker from its previous close of 63.97 on Thursday. The currency touched a high and low of 64.14 and 63.89 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.03 and for Euro stood at 71.89 on June 12, 2015. While, the RBI’s reference rate for the Yen stood at 51.85, the reference rate for the Great Britain Pound (GBP) stood at 99.2723. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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