Indian rupee, although has retreated after appreciating below ‘60/$’ level in early deals, but was still trading strong near its one month’s high level on Wednesday, boosted by gains in other Asian currencies and dollar selling from a large engineering firm. However, some cautiousness, which was reflected in negative equities, ahead of national election results next week has capped broader gains of local currency. On the global front, US dollar languished close to six-month lows against a basket of major currencies on Wednesday as investors braced for the possibility that dovish comments from Federal Reserve Chair Janet Yellen could further undermine the greenback.
The partially convertible currency is currently trading at 60.05, weaker by 6 paise from its previous close of 60.11 on Tuesday. The currency touched a high and low of 60.12 and 59.96 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.20 and for Euro stood at 83.55 on May 06, 2014. While, the RBI’s reference rate for the Yen stood at 59.00, the reference rate for the Great Britain Pound (GBP) stood at 101.6752. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 06, 2014 | 60.20 | 101.6752 |
| May 05, 2014 | 60.04 | 101.3181 |
