Indian rupee depreciated against the US dollar on Wednesday, due to fresh demand for the American currency from banks and importers. Investor maintained a cautious approach ahead of the key macro data of Index of industrial production (IIP) and Consumer price index (CPI) inflation slated to be announced after the market hours. The domestic currency looked weak from the very beginning and the sentiment was also dampened by lackluster trade in the equity markets. On the global front, dollar languished at a five-month low versus yen on Wednesday, as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favour.
Finally, the rupee ended at 64.67, 17 paise weaker from its previous close of 64.50 on Tuesday. The currency touched a high and low of 64.73 and 64.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.69 and for Euro stood at 68.67 on April 12, 2017. While the RBI’s reference rate for the Yen stood at 59.06, the reference rate for the Great Britain Pound (GBP) stood at 80.81. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
