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Rupee trades lower on dollar demand from importers

21 Apr 2014 Evaluate

Indian rupee has made a soft start of the new week and was trading marginally weak against the US dollar in early trade due to dollar demand from importers. Though, the equity markets have made a positive start and were trading firm extending their last session’s gains but most Asian currencies were trading lower, as the Ukraine situation was keeping the traders on their toes, with some markets still closed for the Easter holiday. In the global markets the dollar edged higher versus the yen on Monday, after Japan’s trade deficit widened more than forecast last month.

The partially convertible currency is currently trading at 60.33, weaker by 4 paise from its previous close of 60.29 on Thursday. The currency touched a high and low of 60.37 and 60.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.38 and for Euro stood at 83.57 on April 17, 2014. While, the RBI’s reference rate for the Yen stood at 59.20, the reference rate for the Great Britain Pound (GBP) stood at 101.6325. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
April 17, 201460.38 101.6325
April 16, 201460.22 100.7887
(RBI-Reference Rate) 

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