The Indian rupee weakened further on Tuesday on sustained dollar demand due to firm US greenback in the overseas market. The domestic currency after modestly positive start showed some firmness in the afternoon trade after the local equity markets started gaining pace but the volatility in equity markets amid gloomy global cues weighed on the rupee. PSU banks too were seen buying dollar for the oil marketing clients adding pressure. In the global markets the US dollar was steady, waiting for the outcome of the US Federal Reserve’s two-day policy meeting that took place against the backdrop of a looming crisis in Greece.
Finally the rupee ended at 64.27, 11 paise weaker from its previous close of 64.16 on Monday. The currency touched a high and low of 64.26 and 64.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.15 and for Euro stood at 72.27 on June 16, 2015. While, the RBI’s reference rate for the Yen stood at 51.91, the reference rate for the Great Britain Pound (GBP) stood at 100.0363. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
