Rupee's Closing Figures Misleading: What Really Happened?

Rupee's Closing Value Misreported

Mumbai: On Friday, the rupee's closing value reported on the Clearing Corporation of India Limited (CCIL) website was found to be incorrect due to a late transaction that did not go through, resulting in an inflated closing figure.

The CCIL indicated that the rupee ended at 93.51 against the US dollar, reflecting a notable increase of 71 paise.

In contrast, other interbank foreign exchange platforms, including Finrex and Mecklai, reported a closing rate of 94.48 against the dollar.

A CCIL representative explained that the discrepancy arose after a deal between two banks failed late in the day, which was not reflected in the final closing value of the rupee, although no further details were provided.

With the revised figures from Friday, the rupee was observed trading at 95.20, down by 72 paise during midday trading.