Rupee trades weak on renewed dollar demand on Friday

Indian rupee, after making a negative start, continued to trade weak against dollar on Friday on renewed dollar demand from banks and importers amidst mixed regional counterparts. Additionally, prevailing caution ahead of the release of October Wholesale Price Index (WPI) data weighed on the sentiment. However, positive local equities limited further slide of Indian currency.  In the global market, dollar held near 7-year high versus the yen as investors continued to monitor whether Japan's leader would call an election and delay a sales tax hike. The partially convertible currency is currently trading at 61.64, weaker by 12 paise from its previous close of 61.52 on Wednesday. The currency touched a high and low of 61.65 and 61.60 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.55 and for Euro stood at 76.61 on November 13, 2014. While, the RBI’s reference rate for the Yen stood at 53.18, the reference rate for the Great Britain Pound (GBP) stood at 97.0984. The reference rates are based on 12 noon rates of a few select banks in Mumbai. Date 1US$ 1GBP November 13, 2014 61.55 97.0984 November 12, 2014 61.47 97.9230 (RBI-Reference Rate)