Indian rupee was trading modestly higher from its Thursday’s close, but its further uptrend was restricted on account of broad gains in the dollar versus other major currencies. However, the local currency drew some sense of respite from positive local equities, which gained on hopes of a stable government at the Centre after the ongoing general elections. Meanwhile, steady capital inflows also aided the positive sentiment. Foreign institutional investors (FIIs) bought shares worth Rs 363.24 crore on Thursday, as per provisional data from the stock exchanges. On the global front, euro struggled to gain traction on Friday after dovish comments from European Central Bank (ECB) President Mario Draghi the previous day sent the currency tumbling from a 2-1/2 year high.
The partially convertible currency is currently trading at 60.05, stronger by 2 paise from its previous close of 60.07 on Wednesday. The currency touched a high and low of 60.10 and 60.04 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.99 and for Euro stood at 83.48 on May 08, 2014. While, the RBI’s reference rate for the Yen stood at 58.96, the reference rate for the Great Britain Pound (GBP) stood at 101.7512. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 08, 2014 | 59.99 | 101.7512 |
| May 07, 2014 | 60.03 | 101.9658 |
