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Rupee rebounds from 13 month low tracking gains of local equities

18 Dec 2014 Evaluate

Indian rupee rebounded from 13 month low on Thursday tracking gains of local equity markets after the U.S. Federal Reserve said it would take a 'patient' approach in deciding when to raise interest rates, quelling fears of outflows from emerging markets’ asset. The currency also drew some solace after Russia's rouble stabilized after dramatic falls this week, reducing some of the fears of financial contagion to emerging markets. On the global front, dollar took the upper hand on Thursday after the Federal Reserve signalled it was on track to raise interest rates next year, altering a pledge to keep them near zero for a 'considerable time' in a show of confidence in the U.S. economy.

The partially convertible currency is currently trading at 63.31, stronger by 31 paise from its previous close of 63.62 on Wednesday. The currency touched a high and low of 63.38 and 63.19 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.58 and for Euro stood at 79.39 on December 17, 2014. While, the RBI’s reference rate for the Yen stood at 54.34, the reference rate for the Great Britain Pound (GBP) stood at 99.9816. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 17, 201463.58 99.9816
December 16, 201463.41 99.3055

(RBI-Reference Rate)

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