Indian rupee, snapping four consecutive sessions’ appreciating streak and cooling off from eleven-month high level, depreciated on Tuesday tailing the slide of local equities. Indian rupee after getting off to a weak start, was trading off the multi-month high level scaled in previous trading session on speculated RBI’s intervention, which would have brought dollars via state run banks to shore up its forex reserves, while dollar demand from some oil marketing companies also cannot be ruled out completely. Nevertheless, dollar’s weakness overseas limited further depreciation of Indian currency. On the global front, yen strengthened close to four month high against the dollar and the euro on Tuesday, supported by diminishing expectations of stimulus by the Bank of Japan as well as falling U.S. and European bond yields.
The partially convertible currency is currently trading at 58.74, weaker by 15 paise from its previous close of 58.59 on Monday. The currency touched a high and low of 57.86 and 58.51 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.42 and for Euro stood at 80.11 on May 19, 2014. While, the RBI’s reference rate for the Yen stood at 57.67, the reference rate for the Great Britain Pound (GBP) stood at 98.2842. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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