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Rupee strengthens tracking strength of other Asian currencies; Railway Budget 14-15 eyed

08 Jul 2014 Evaluate

Indian rupee, after witnessing biggest single-day fall in nearly three weeks yesterday, was trading strong on Tuesday, tracking gains in other Asian currencies versus the dollar and on expectations of continued foreign fund inflows into local shares. However, negative local equities. which were trading downbeat on prevailing cautiousness ahead of Railway Budget 14-15, restricted further uptrend of Indian currency. On the global front, dollar started trading in Asia on the back foot on Tuesday having run out of puff near a two-week high, giving the euro a chance to get over an unexpected slump in German industrial output.

The partially convertible currency is currently trading at 59.82, stronger by 19 paise from its previous close of 60.01. The currency touched a high and low of 59.99 and 59.82 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.94 and for Euro stood at 81.39 on July 07, 2014. While, the RBI’s reference rate for the Yen stood at 58.71, the reference rate for the Great Britain Pound (GBP) stood at 102.7826. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
July 07, 201459.94 102.7826
July 04, 201459.79102.6601

(RBI-Reference Rate)

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