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Indian rupee bounces back in style

21 Mar 2014 Evaluate

Indian rupee bounced back and ended at its high point of day on Friday, supported by increased selling of the US dollar by exporters and banks due to weakness of the US unit in the overseas market. The domestic currency has fallen most in two months in last session after US fed hinted of higher rates. Today, the recovery in the domestic equity markets too supported the rupee amid persistent capital inflows from foreign funds. In the global markets, the US dollar hovered near a three-week peak against a basket of major currencies and extended gains against the euro.

Finally, the rupee ended at 60.92, stronger by 42 paise from its previous close of 61.34 on Thursday. The currency touched a high and low of 61.20 and 60.92 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.04 and for Euro stood at 84.17 on March 21, 2014. While, the RBI’s reference rate for the Yen stood at 59.64, the reference rate for the Great Britain Pound (GBP) stood at 100.8061. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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