Indian rupee depreciating substantially slid past ‘55/$’ psychological mark, as weakness of euro along with local equities dented the sentiment. Global risk off sentiment after ECB President Mario Draghi pointed to the materializing downside risks to growth sapped the demand for emerging markets asset. Euro struggled at five-week lows on American greenback on Friday as markets were underwhelmed by the European Central Bank's latest attempt to bolster the region's sagging economic growth.
The partially convertible currency is currently trading at 55.45, weaker by 47 paise from its previous close of 54.98 on Thursday. The currency has touched a high and low of 55.55 and 55.36 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.03 and for Euro it stood at Rs 68.97 on July 5, 2012. While, the RBI’s reference rate for the Yen stood at 69.06, the reference rate for the Great Britain Pound (GBP) stood at 85.9325. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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