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Rupee ends weak post Beranke’s testimony; surge of local equities cap slide

18 Jul 2013 Evaluate

Indian rupee ended weak on Thursday, on account of dollar demand from importers amidst the strength of greenback in the overseas markets. All emerging currencies, including rupee fell after Federal Reserve Chairman Ben Bernanke confirmed market views that the US central bank expects to start tapering monetary stimulus this year. However, surge of local equities prevented further slide of the currency. On the global front, dollar rose against a basket of major currencies on Thursday as investors bet US economic data would support plans by the Federal Reserve to move away from ultra-loose monetary policy soon.

Finally the rupee ended at 59.68, weaker by 33 paise from its previous close of 59.35 on Wednesday. The currency has touched a high and low of 59.78 and 59.49 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 59.71 and for Euro it stood at Rs 78.21 on July 18, 2013. While, the RBI’s reference rate for the Yen stood at 59.59, the reference rate for the Great Britain Pound (GBP) stood at 90.5891. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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