Indian rupee, after making a substantially weak start, near the two week low level, which was past ’61.50/$’, recouped substantial ground tracing the gains of local equities. Nevertheless, weakness still continued on account of incremental month-end dollar demand from oil importers in the wake of its strength overseas. On the global front, dollar stayed on the front foot on Thursday, holding near prior session's highs as it basked in the afterglow of the Federal Reserve's optimistic take on the U.S. economic recovery, which raised the odds of policy tightening sooner rather than later. The Fed after its two-day meeting underscored the improving U.S. labour market, but said interest rates would remain low for a 'considerable time'.
The partially convertible currency is currently trading at 61.41, weaker by 5 paise from its previous close of 61.36 on Wednesday. The currency touched a high and low of 61.55 and 61.39 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.31 and for Euro stood at 78.14 on October 29, 2014. While, the RBI’s reference rate for the Yen stood at 56.76, the reference rate for the Great Britain Pound (GBP) stood 99.0032. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 29, 2014 | 61.31 | 99.0032 |
| October 28, 2014 | 61.35 | 98.9307 |
(RBI-Reference Rate)
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