Indian rupee entered the consolidation mood on Friday, as traders turned cautious ahead of the key US jobs data due later in the day, which will offer an indication of whether the Federal Reserve will pull the trigger in June. The domestic currency made a strong start in morning on sustained selling of the American currency by banks and exporters. The good trade in the local equity markets too supported the sentiments, but later as the enthusiasm waned, the equity markets declined and so does the rupee, paring most of the gains tracking dollar’s strength against other currencies overseas. On the global front, the pound was little changed against the US dollar on Friday, despite data showing that the UK service sector expanded at a faster rate than expected in May.
Finally, the rupee ended at 67.26, 3 paise stronger from its previous close at 67.29 on Thursday. The currency touched a high and low of 67.37 and 67.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.24 and for Euro stood at 74.99 on June 3, 2016. While the RBI’s reference rate for the Yen stood at 61.83, the reference rate for the Great Britain Pound (GBP) stood at 96.9017. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
