Indian rupee hit a 13 month low level on Tuesday tracking massive sell-off in local equities after India’s trade deficit, exerting pressure on country’s external sector, widened to 18-month high of $16.86 billion in month of November, as compared to $9.57 in the same month previous year and $13.36 billion in the previous month October, weighing on the sentiment of local currency. Further, doubts about whether India could afford to cut interest rates given risk associated to this move that could trigger foreign outflow, also added to pessimistic milieu. On the global front, yen hit a two-week high versus the dollar on Tuesday as investors shunned riskier assets, while the rouble - a major victim of plunging oil prices - rebounded after the Russian central bank hiked rates to halt its currency's collapse.
The partially convertible currency is currently trading at 63.40, weaker by 46 paise from its previous close of 62.94 on Monday. The currency touched a high and low of 63.54 and 63.22 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.65 and for Euro stood at 78.01 on December 15, 2014. While, the RBI’s reference rate for the Yen stood at 52.94, the reference rate for the Great Britain Pound (GBP) stood at 98.5342. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 15, 2014 | 62.65 | 98.5342 |
| December 12, 2014 | 62.44 | 98.1529 |
(RBI-Reference Rate)
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