Indian rupee, after posting its biggest single-day fall in more than two months in previous trading session, consolidated around 59/$ level and continued trading weak, tracking the subdued local equities and heavy month-end demand for dollar by oil importers. Additionally, dollar’s strength against other major currencies also was weighing on the sentiment of Indian currency. Besides, denial for the move of foreign direct investment in the multi-brand retail sector by BJP led government, also added to the underlying pessimism on local unit. On the global front, U.S. dollar too held near an eight-week peak against a basket of major currencies early on Wednesday, having edged up on the back of encouraging U.S. data and another record high on Wall Street.
The partially convertible currency is currently trading at 59.06, weaker by 2 paise from its previous close of 59.04 on Tuesday. The currency touched a high and low of 59.22 and 59.04 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.05 and for Euro stood at 80.60 on May 27, 2014. While, the RBI’s reference rate for the Yen stood at 57.97, the reference rate for the Great Britain Pound (GBP) stood at 99.6140. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 27, 2014 | 59.05 | 99.6140 |
| May 26, 2014 | 58.58 | 98.6610 |
(RBI-Reference Rate)
