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Rupee appreciates to two month high on Thursday after Fed’s dovish comments

09 Oct 2014 Evaluate

Indian rupee after extending its appreciating streak to fourth consecutive session was trading near two month high against dollar on Thursday after Fed's September meeting minutes released late on Wednesday suggested it was in no hurry to raise rates, which reducing the safe haven appeal of American currency, sent all the emerging markets' currencies higher. Besides, selling of the American unit by exporters, easing global crude prices and gain of local equities also buoyed the sentiment. On the global front, dollar hit a two-week low versus a basket of currencies on Thursday, after minutes from the U.S. Federal Reserve's last meeting prompted markets to push out expectations for the likely timing of an interest rate rise.

The partially convertible currency is currently trading at 61.07, stronger by 33 paise from its previous close of 61.40 on Wednesday. The currency touched a high and low of 61.12 and 61.03 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.46 and for Euro stood at 77.65 on October 08, 2014. While, the RBI’s reference rate for the Yen stood at 56.69, the reference rate for the Great Britain Pound (GBP) stood at 98.7678. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 08, 201461.46 98.7678
October 07, 201461.35 98.7090

(RBI-Reference Rate)

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