Indian rupee, after recovering from one month low level in previous session, added some more ground on Wednesday on the back of strength in other Asian currencies against dollar, while gains of local equities were also aiding the sentiment. Prevailing caution on account of ongoing US fed's two day meeting, which began on Tuesday, wherein investors will parse the central bank's words closely for any clues on the timing of the first U.S. rate hike in more than eight years, weighing on dollar’s strength, was mainly aiding the appreciation of emerging market currencies, including the local unit. Besides, increased selling of the American currency by exporters and banks, also was adding to the positive environment.
The partially convertible currency is currently trading at 60.98, stronger by 8 paise from its previous close of 61.06 on Tuesday. The currency touched a high and low of 61.10 and 60.94 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.10 and for Euro stood at 79.03 on September 16, 2014. While, the RBI’s reference rate for the Yen stood at 56.96, the reference rate for the Great Britain Pound (GBP) stood at 99.0455. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| September 16, 2014 | 61.10 | 99.0455 |
| September 15, 2014 | 60.99 | 99.0978 |
(RBI-Reference Rate)
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