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Rupee recovers from four-month low on dollar’s weakness overseas

04 Aug 2014 Evaluate

Indian rupee, recovered from four-month low scaled in previous trading session, tracking losses in dollar compared with most other Asian currencies, while massive gains of local equities was also aiding the sentiment. Besides, increased selling of dollar in lieu of its weakness overseas, also offered some solace to Indian currency, which posted its biggest fall in half a year on Friday despite RBI’s intervention, which apparently sold dollars via state run banks to arrest currency’s fall. On the global front, U.S. dollar got off to a quiet start on Monday having suffered its biggest one-day fall in nearly a month after a batch of economic data led markets to temper expectations for the start of the Federal Reserve's rate-tightening cycle.

The partially convertible is currently trading at 61.01, stronger by 17 paise from its previous close of 61.18 on Friday. The currency touched a high and low of 61.04 and 60.88 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.85 and for Euro stood at 81.46 on August 01, 2014. While, the RBI’s reference rate for the Yen stood at 59.11, the reference rate for the Great Britain Pound (GBP) stood at 102.6861. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
August 01, 201460.85 102.6861
July 31,201460.24 101.9242

(RBI-Reference Rate)

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