Rupee Ends Flat at 67.06 Against US Dollar

rupee-new_2811_356The Indian Rupee closed flat on Friday against US Dollar due to mild dollar demand from importers and a weak domestic equity market. The rupee gained in morning deal on account of selling of American currency by banks and exporters amid firm domestic markets.

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Investors world over will hope to hear some clear thoughts from US Federal Reserve Chairman Janet Yellen at the Jackson Hole Symposium today. Yellen could use this opportunity to signal the direction of monetary policy as she speaks on “The Federal Reserve’s Monetary Policy Toolkit.” If the jobs data for August is strong, chances are a hike may happen.

On the domestic front, RBI has proposed a major overhaul in the way large companies borrow. In separate decisions, the central bank made it costlier for large companies to borrow more than a certain amount from banks even as it took steps to increase liquidity and participation in the corporate bond market.

The Indian currency ended marginally lower by one paise at 67.05/$. The local unit had hit a high of 66.98 and a low of 67.02. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.02 and for Euro stood at 75.73. The RBI’s reference rate for the Yen stood at 66.72; reference rate for the Great Britain Pound (GBP) stood at 88.5934.

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