Indian rupee, erasing early losses and resuming previous sessions’ appreciating streak, bounced back in trade on Wednesday, tracing gains of other Asian currencies against dollar overseas, while slender gains of local equities were also aiding the sentiment. The currency got off to a weak start on prevailing caution ahead of Modi’s government’s maiden Union budget 14-15, however recovery of local equities from intra-day’s low also helped Indian currency regain its strength.
Meanwhile, the currency snapped previous three consecutive sessions’ declining trend in previous session on bunched up dollar inflows due to the U.S. holiday on Friday. Nevertheless, cautiousness ahead of Economic Survey, later in the session also would restrict the further uptrend of the Indian currency.
The partially convertible currency is currently trading at 59.75, stronger by 5 paise from its previous close of 59.80 on Tuesday. The currency has touched a high and low of 59.93 and 59.75 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.79 and for Euro stood at 81.32 on July 08, 2014. While, the RBI’s reference rate for the Yen stood at 58.73, the reference rate for the Great Britain Pound (GBP) stood at 102.4200. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 08, 2014 | 59.79 | 102.4200 |
| July 07, 2014 | 59.94 | 102.7826 |
(RBI-Reference Rate)
