Indian rupee, though trading strong, was off day’s high of 59.45/$, its strongest since July 29 on the back of central bank’s intervention, which was speculated to buy dollar’s via state run banks. Nevertheless, the optimism that Bharatiya Janata Party (BJP), led by Narenda Modi, will emerge victorious following the recent general election along with its allies on May 16, helped sustain positive momentum of Indian currency. On the global front, euro wallowed near six-week lows against the dollar on Thursday, weighed by lower government debt yields amid rising expectations the European Central Bank is poised to cut rates at next month's meeting.
The partially convertible currency is currently trading at 59.51, stronger by 19 paise from its previous close of 59.70 on Wednesday. The currency touched a high and low of 59.65 and 59.46 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.87 and for Euro stood at 82.40 on May 13, 2014. While, the RBI’s reference rate for the Yen stood at 58.55, the reference rate for the Great Britain Pound (GBP) stood at 100.9831. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 13, 2014 | 59.87 | 100.9831 |
| May 12, 2014 | 59.72 | 100.8166 |
