Indian rupee, after making an extremely weak start, which was past the perilous ‘61.50/$’ level, although recouped some losses, continued trading weaker on Monday tailing negative local equities after India's fiscal deficit reached nearly 83% of its full-year target in the first half of the year and core sector growth slowed down to 1.9% in September. On the macro-front, India's fiscal deficit was at Rs 4.39 trillion during April-September. The deficit was 76% during the comparable period in the previous fiscal year. Meanwhile, dollar demand by oil importers in wake of its strength overseas also limited depreciation of Indian currency. On the global front, dollar jumped to an almost seven-year high versus the yen and gold fell as slowing Chinese manufacturing growth and the Bank of Japan’s unexpected stimulus highlighted the diverging growth outlook for the U.S. and Asian economies.
The partially convertible currency is currently trading at 61.44, weaker by 8 paise from its previous close of 61.36 on Friday. The currency touched a high and low of 61.51 and 61.44 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.40 and for Euro stood at 77.18 on October 31, 2014. While, the RBI’s reference rate for the Yen stood at 55.28, the reference rate for the Great Britain Pound (GBP) stood 98.0624. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 31, 2014 | 61.40 | 98.0624 |
| October 30, 2014 | 61.46 | 98.2127 |
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