Snapping its three days gaining streak, Indian rupee depreciated against dollar on Wednesday on increased demand for US currency from importers amid losses in Asian currencies. The domestic currency erased its early gains to end weaker. Rupee failed to get support from the positive momentum in the domestic equities. Meanwhile, traders avoided long positions owing to a shortened week. The currency market will remain closed on Thursday on account of Ambedkar Jayanti and on Friday on account of Ram Navmi. On global front, Yen retraced from the highs, as Japanese authorities cautioned that the prevalent trend in Yen is weak which can intervene in order to weaken the currency.
Finally, the rupee ended at 66.64, 22 paise weaker from its previous close of 66.42 on Tuesday. The currency touched a high and low of 66.66 and 66.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.42 and for Euro stood at 75.46 on April 13, 2016. While the RBI’s reference rate for the Yen stood at 60.98, the reference rate for the Great Britain Pound (GBP) stood at 94.6684. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
