Rupee depreciates against dollar

Snapping four sessions of gains, Indian rupee depreciated against dollar in late morning trade on Friday amid weak local equity markets. Fresh demand for American currency from importers also pressurized rupee to an extent. American currency’s firmness against other currencies in the overseas markets too impacted the rupee. Meanwhile, euro was trading lower against the dollar on Friday as investors anticipate few developments to emerge from a summit between Germany and Greece later in the global day.

The partially convertible currency is currently trading at 55.36, weaker by 10 paise from its previous close of 55.26 on Thursday. The currency, so far, has touched a high and low of 55.45 and 55.34 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.18 and for Euro it stood at Rs 69.15 on August 23, 2012. While, the RBI’s reference rate for the Yen stood at 70.30, the reference rate for the Great Britain Pound (GBP) stood at 87.6511. The reference rates are based on 12 noon rates of a few select banks in Mumbai.