Indian rupee, after ending weaker in previous trading session, was treading water on Monday as losses seen on account of dollar’s strength were offset by gains in local equities on account of marginally better May factory output data. On the macro-front, the HSBC India Manufacturing Purchasing Managers' Index (PMI) stood higher at 51.4 in May from 51.3 in April, a little higher reading above 50 water shed mark that segregates growth from contraction. Nevertheless, Indian currency is expected to trade in tight range throughout the session on account of caution ahead of Second Bi-monthly Monetary Policy Statement for the year 2014- 15 on June 3. On the global front, dollar edged up in Asian trade on Monday as the yen started the week on the back foot against its major counterparts, though pressure remained on the euro as the market braced for further stimulus measures from the European Central Bank this week.
The partially convertible currency is currently trading at 59.13, almost unchanged from its previous close of 59.11 on Friday. The currency touched a high and low of 59.28 and 59.07 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.03 and for Euro stood at 80.33 on May 30, 2014. While, the RBI’s reference rate for the Yen stood at 58.10, the reference rate for the Great Britain Pound (GBP) stood at 98.9106. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 30, 2014 | 59.03 | 98.9106 |
| May 29, 2014 | 58.84 | 98.4065 |
