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Rupee recovers from early lows to end stronger

04 Dec 2013 Evaluate

The Indian rupee recovering from its early lows ended higher on Wednesday. The domestic currency got the support of mild dollar selling by banks and exporters. However, the start was not that good and the rupee declined tailing its regional counterparts and the weakness in the domestic equity markets, but as the trade progressed there were dollar inflow reports, partly due to the ongoing Power Grid share sale. Meanwhile, on the global front the dollar retreated against the yen and some other currencies as investors locked in profits ahead of major data announcements including US jobs data later in the week.

Finally the rupee ended at 62.06, stronger by 30 paise from its previous close of 62.36 on Tuesday. The currency touched a high and low of 62.55 and 62.04 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.33 and for Euro stood at 84.68 on December 04, 2013. While, the RBI’s reference rate for the Yen stood at 60.77, the reference rate for the Great Britain Pound (GBP) stood at 102.1825. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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