Indian rupee extending its decline slumped to near the five week low on Friday, on increased demand for dollar from importers and selling in the domestic equity markets for the second consecutive day. Appreciation of the American currency against other major currencies globally as the US Federal Reserve prepares to hike rates, too weighed on the sentiments of the domestic currency. On the global front, the dollar hit fresh multi-year highs against some emerging market currencies on Friday, while the euro too edged up in early deals.
Finally, the rupee ended at 64.04, 27 paise weaker from its previous close of 63.77 on Thursday. The currency touched a high and low of 63.80 and 63.63 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.89 and for Euro stood at 70.12 on July 24, 2015. While, the RBI’s reference rate for the Yen stood at 51.56, the reference rate for the Great Britain Pound (GBP) stood at 99.1023. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
