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Rupee ends near day’s high point on month-end dollar demand from oil importers

26 Dec 2013 Evaluate

Indian rupee, snapping three consecutive sessions’ appreciating streak, ended substantially weak near day’s highest point on Thursday, tailing weakness of Asian currencies against dollar, while month-end dollar demand from oil importers also weighed on the sentiment. However, further slide of local unit was restricted on account of positive local equities, which ended with gains of close to two tenths of a percent. In the global market, dollar hit a five-year high against the yen on Thursday and held firm against other currencies on expectations the U.S. economy will continue a solid recovery, allowing the Federal Reserve to gradually withdraw its stimulus next year.

Finally the rupee ended at 62.16, weaker by 36 paise from its previous close of 61.80 on Tuesday. The currency touched a high and low of 62.16 and 61.85 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.97 and for Euro stood at 84.79 on December 26, 2013. While, the RBI’s reference rate for the Yen stood at 59.15, the reference rate for the Great Britain Pound (GBP) stood at 101.4911. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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