Indian rupee, after snapping three sessions’ depreciating streak in previous trading session, gained some more ground and was trading stronger on Thursday, on the back of some continued dollar inflows, but losses in the euro versus the greenback and weaker local shares limited its further uptrend. However, month-end dollar demand from importers later in the session could temper Indian currency’s gains. On the global front, US dollar hovered at a two-month high against a basket of major currencies early in Asia on Thursday, having benefited from a shake out of long positions in sterling and further weakness in the euro.
The partially convertible currency is currently trading at 58.83, weaker by 11 paise from its previous close of 58.94 on Wednesday. The currency touched a high and low of 58.92 and 58.79 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.07 and for Euro stood at 80.53 on May 28, 2014. While, the RBI’s reference rate for the Yen stood at 57.98, the reference rate for the Great Britain Pound (GBP) stood at 99.2021. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 28, 2014 | 59.07 | 99.2021 |
| May 27, 2014 | 59.05 | 99.6140 |
