Indian rupee, after hitting a three-week low level in previous trading session, was trading a bit strong in range-bound trade on Wednesday. Some sense of relief was drawn out from good macro-economic report after activity in Indian services sector, which represent around 60% of Indian GDP, increased in the month of May on the back of rise in new orders. The HSBC services Purchasing Managers’ Index (PMI), based on the survey of around 350 private service sector companies rose to 50.2 in May from 48.5 in the previous month, above 50 mark that separates growth from contraction. However, further uptrend of local currency also was capped on the account of muted equities. Meanwhile, the local unit is expected to remain in a range until the government unveils its budget, likely in early or mid-July. On the global front, euro eased on Wednesday as expectations intensified that the European Central Bank will unveil a flurry of measures this week to stave off deflation, while the Aussie dollar gained a brief lift from upbeat economic growth data.
The partially convertible currency is currently trading at 59.35, strong by 5 paise from its previous close of 59.40 on Tuesday. The currency touched a high and low of 59.48 and 59.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.21 and for Euro stood at 80.56 on June 3, 2014. While, the RBI’s reference rate for the Yen stood at 57.88, the reference rate for the Great Britain Pound (GBP) stood at 99.1691. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 3, 2014 | 59.21 | 80.56 |
| June 2, 2014 | 59.13 | 80.62 |
