Indian rupee depreciated on Monday on account of dollar demand from crude oil and gold importers to fulfill their payment obligation. Renewed dollar demand from banks in view of higher dollar in the international market too weighed on the sentiment. The dollar strengthened towards 100 per yen on Monday after the G20 accepted Japan's bold stimulus policies, helping to counter the gloom over the global growth outlook. Nevertheless, phenomenal performance by local equity market on account of sustained rate cut hopes capped the losses of local currency to some extent.
Finally the rupee ended at 54.14, weaker by 18 paise from its previous close of 53.96 on Thursday. The currency touched a high and low of 54.25 and 53.99 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.16 and for Euro it stood at Rs 70.70 on April 22, 2013. While, the RBI’s reference rate for the Yen stood at 54.31, the reference rate for the Great Britain Pound (GBP) stood at 82.4522. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
