Indian rupee, after snapping four consecutive sessions’ appreciating streak in previous trading session, continued trading weak on Wednesday due to negative local equities. Additionally, dollar buying by state-run banks and especially, oil importers weighed on the sentiment. However, still continued foreign inflows into local equities and debt could cap broader advances in the USD/INR during the day. On the global front, lower U.S. Treasury yields held the dollar near a 3-1/2-month low against the yen early on Wednesday, with markets looking for potential catalysts from the Bank of Japan's governor later in the day.
The partially convertible currency is currently trading at 58.82, weaker by 19 paise from its previous close of 58.63 on Tuesday. The currency touched a high and low of 58.86 and 58.72 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.74 and for Euro stood at 80.52 on May 20, 2014. While, the RBI’s reference rate for the Yen stood at 57.93, the reference rate for the Great Britain Pound (GBP) stood at 98.7747. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 20, 2014 | 58.74 | 98.7747 |
| May 19, 2014 | 58.42 | 98.2842 |
