Indian rupee, although retreating from the perilous ‘61/$’ level, was trading weak on Tuesday. The currency however recouped some of its lost ground on account of RBI’s intervention, which was spotted buying dollar at ‘60.40/60.50’ level to keep rupee’s fall in check. The local currency had dropped to near two-month lows in early trades on Tuesday as oil companies rushed to buy the greenback as escalating crisis in Iraq triggered concerns over inflation and current account deficit. On the global front, dollar fluttered higher in Asia on Tuesday, but was kept to a narrow range by caution ahead of this week's U.S. Federal Reserve meeting and concern about escalating violence in Iraq.
The partially convertible currency is currently trading at 60.37, weaker by 21 paise from its previous close of 60.16 on Monday. The currency touched a high and low of 60.51 and 60.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.00 and for Euro stood at 81.25 on June 16, 2014. While, the RBI’s reference rate for the Yen stood at 58.96, the reference rate for the Great Britain Pound (GBP) stood at 101.9980. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 16, 2014 | 60.00 | 101.9980 |
| June 13, 2014 | 59.47 | 100.9347 |
(RBI-Reference Rate)
