Indian rupee was trading weak for third straight session on Wednesday tracking weakness in Asian and domestic shares. However, dollar sales by some custodian banks limited the fall of local unit. Additionally, cautiousness ahead of key macroeconomic data, i.e, consumer price index (CPI)-based inflation and Index of Industrial Production (IIP) data on Friday, weighed on the sentiment. While, the street expects CPI inflation to be around 4.4% in November compared with 5.52% in October, IIP is expected to grow 2.7% in October compared with 2.5% in September. Markets will also be watching trade deficit data for November which can be announced any time this month. On the global front, dollar nursed hefty losses on Wednesday following a brutal shakeout of bullish positions as investors found incentives to take profits as the year-end loomed.
The partially convertible currency is currently trading at 61.95, weaker by paise from its previous close of 61.89 on Tuesday. The currency touched a high and low of 61.97 and 61.91 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.87 and for Euro stood at 76.29 on December 09, 2014. While, the RBI’s reference rate for the Yen stood at 51.61, the reference rate for the Great Britain Pound (GBP) stood at 96.9024.
| Date | 1US$ | 1GBP |
| December 09, 2014 | 61.87 | 96.9024 |
| December 08, 2014 | 61.92 | 96.3743 |
(RBI-Reference Rate)
