Indian rupee consolidating in the final hours once again ended modestly lower on Wednesday, against the US dollar. The dollar selling by exporters that started in late trade of last session was seen in early deals too that helped the rupee to strengthen. Also, the surge in the local equity markets too seemed supporting the sentiments of the domestic currency, ahead of the start of US Fed Chair Janet Yellen’s two-day testimony before the US Congress, which could give more cues on the timing of the beginning of Fed rate hikes later this year, however there was some increased dollar demand from importers that weighed on the rupee finally. On the global front, the dollar steadied against the euro and yen, awaiting fresh cues from a US Congressional appearance of Janet Yellen.
Finally, the rupee ended at 63.42, 3 paise weaker from its previous close of 63.39 on Tuesday. The currency touched a high and low of 63.42 and 63.35 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.38 and for Euro stood at 69.68 on July 15, 2015. While, the RBI’s reference rate for the Yen stood at 51.34, the reference rate for the Great Britain Pound (GBP) stood at 99.1337. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
