Rupee trading choppy for the second consecutive day lost some ground on Thursday, snapping its five days rally, as there was dollar demand from the importers along with some defense related payments. Also, there was concern related to the industrial production and CPI inflation data due to be announced later in the day. The domestic currency made a positive start and once breached the psychological 63/dollar mark but weakened in latter trade lacking any support amid declining equity markets. However there was decent recovery in the final hours and rupee averted any major fall. In the global markets, the dollar looked struggling against a basket of major currencies on growing doubts the Federal Reserve will scale back stimulus in the upcoming policy meeting.
Finally the rupee ended at 63.50/51, weaker by 13 paise from its previous close of 63.37 on Wednesday. The currency touched a high and low of 63.96 and 62.93 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.66 and for Euro it stood at 84.72 on September 12, 2013. While, the RBI’s reference rate for the Yen stood at 64.10, the reference rate for the Great Britain Pound (GBP) stood at 100.7089. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
