Indian rupee was trading little changed on Tuesday on prevailing caution ahead of RBI’s monetary policy review decision announcement, amidst expectation that Reserve Bank of India Governor Raghuram Rajan would keep the country's key lending rate unchanged and temper his tough rhetoric on inflation in a conciliatory gesture to a new government elected on a premises of reviving the sluggish pace of economic growth. Additionally, dollar’s strength overseas also was adding to the downside of local unit. Nevertheless, slender gains of local equities were preventing any sharp slide of local currency. On the global front, dollar hovered near a four-month high against a basket of major currencies early on Tuesday, bolstered by upbeat U.S. data and taking advantage of a euro that is still in the doldrums ahead of a much-anticipated European Central Bank meeting later this week.
The partially convertible currency is currently trading at 59.21, weaker by 5 paise from its previous close of 59.16 on Monday. The currency touched a high and low of 59.23 and 59.12 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.13 and for Euro stood at 80.62 on June 2, 2014. While, the RBI’s reference rate for the Yen stood at 58.01, the reference rate for the Great Britain Pound (GBP) stood at 99.0215. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 2, 2014 | 59.13 | 80.62 |
| May 30, 2014 | 59.03 | 98.9106 |
(RBI-Reference Rate)
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