Indian rupee, which resumed its depreciating streak in last trading session and made a muted start, has erased all its losses and was trading strong on Thursday on the back of positive local equities. Besides, dollar inflows from Yes Bank share sale for as much as $500 million was aiding the sentiment, though its further uptrend could be capped by month-end dollar demand from oil importers. Additionally, caution ahead of Q4 GDP data and Reserve Bank of India’s monetary policy review on Tuesday for outlook on inflation and expectations on the new government's budget was keeping the rupee in check. On the global front, yen nursed modest losses early in Asia on Friday, having retreated from multi-month highs against the euro as investors booked some profit before the weekend.
The partially convertible currency is currently trading at 58.97, stronger by 7 paise from its previous close of 59.04 on Thursday. The currency touched a high and low of 59.05 and 58.93 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.84 and for Euro stood at 80.03 on May 29, 2014. While, the RBI’s reference rate for the Yen stood at 57.85, the reference rate for the Great Britain Pound (GBP) stood at 98.4065. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 29, 2014 | 58.84 | 98.4065 |
| May 28, 2014 | 59.07 | 99.2021 |
