Indian rupee depreciated to two and half month low level on Monday, to end past psychological ‘55/$’ mark weighed down by persistent demand for the greenback from gold and oil importers. The sentiment remained weak after global agency Standard & Poor's (S&P) affirmed the current rating of ‘BBB-’ on India with negative outlook and underscored that there were 1 in 3 chances of downgrading India’s rating in next 12 months. Meanwhile, negative local equities also added to the pessimism. Nevertheless, the dollar's losses versus some major currencies, limited the local unit from falling too sharply. On the global front, yen bounced off a 4-1/2 year low against the dollar early in Asia on Monday in the wake of reports suggesting the Japanese government might be happy with the level of currency following its extended decline.
Finally the rupee ended at 55.11, weaker by 24 paise from its previous close of 54.87 on Friday. The currency touched a high and low of 55.13 and 54.96 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 70.68 on May 20, 2013. While, the RBI’s reference rate for the Yen stood at 53.60, the reference rate for the Great Britain Pound (GBP) stood at 83.6064. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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