Indian rupee continued its consolidation mood on Friday, earlier there was some weakness on sustained foreign fund outflows amid appreciation of the dollar. While, there were fresh demand for the American currency from importers and banks, the weakness in the local equity markets too weighed on the sentiments. However, towards the end there was some recovery tailing the improvement in equity that helped the rupee. On the global front, the dollar weakened against the basket of major currencies ahead of the highly-anticipated US employment report due later in the day. The yen too remained under pressure after Japanese Prime Minister Shinzo Abe said that his government is prepared to take action against excessive, speculative rises in the nations’ currency.
Finally, the rupee ended at 66.55, unchanged at its previous close on Wednesday. The currency touched a high and low of 66.62 and 66.54 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.58 and for Euro stood at 75.93 on May 06, 2016. While the RBI’s reference rate for the Yen stood at 62.13, the reference rate for the Great Britain Pound (GBP) stood at 96.3456. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
