Indian rupee, after making a good start, has faltered in trade on Monday on speculated Reserve bank of India’s intervention, which bought dollars via state run banks to prevent its further appreciation below the crucial ’58.50/$’ level on Monday. However, gains of domestic equities ahead of prime minister designate Narendra Modi's swearing in ceremony later in the day, besides the strength of Asian currencies against the dollar were limiting the downside in the Indian currency. On the global front, euro slipped early on Monday, while the other major currencies got off to a steady start as the results of a presidential election in Ukraine and votes for the European Parliament were so far greeted calmly by investors.
The partially convertible currency is currently trading at 58.59, weaker by 9 paise from its previous close of 58.50 on Friday. The currency touched a high and low of 58.61 and 58.41 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.48 and for Euro stood at 79.80 on May 23, 2014. While, the RBI’s reference rate for the Yen stood at 57.57, the reference rate for the Great Britain Pound (GBP) stood at 98.6725. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 23, 2014 | 58.48 | 98.6725 |
| May 22, 2014 | 58.57 | 98.8788 |
(RBI-Reference Rate)
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