Indian rupee ended lower on Thursday due to increased demand for the American currency from importers and hawkish comment by the Federal Reserve Chair Janet that strengthened the demand for the greenback overseas. The interest rate hike remained likely this year as the economy improves, putting pressure on the rupee. The domestic currency even ignored the surge in the local equity markets, which reached their three months high. On global front, euro was weaker against the dollar, with investors becoming aware of monetary policy divergence in the US and the eurozone amid receding fears about geopolitical and financial instability.
Finally, the rupee ended at 63.52,10 paise weaker from its previous close of 63.42 on Wednesday. The currency touched a high and low of 63.54 and 63.47 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.49 and for Euro stood at 69.39 on July 16, 2015. While, the RBI’s reference rate for the Yen stood at 51.28, the reference rate for the Great Britain Pound (GBP) stood at 99.1736. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
