Extending its weakness for the second straight session, Indian rupee depreciated against dollar on Friday on demand for the American currency from importers and banks. Further, losses in local equity market too hurt rupee sentiment. Besides, investors remained cautious ahead of release of industrial production data later in the day. However, dollar’s weakness against some currencies overseas arrested the rupee’s losses. On the global front, yen was high against the dollar as investors opted for its relative safety as they discount chances of a Federal Reserve rate increase in coming months and brace for events next week.
Finally, the rupee ended at 66.75, 4 paise weaker from its previous close at 66.71 on Thursday. The currency touched a high and low of 66.88 and 66.73 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.79 and for Euro stood at 75.47 on June 10, 2016. While the RBI’s reference rate for the Yen stood at 62.40, the reference rate for the Great Britain Pound (GBP) stood at 96.5719. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
