Indian rupee, after making a flat to weak start, recouped substantial ground and was trading strong against dollar on Wednesday despite negative local equities. Dollar sales by corporate and state run banks mainly aided the currency to erase all its early losses. The currency started off on not positive note, weighed down by somber macro-economic data as activity in Indian services sector, which accounts for around 60% of country’s GDP, slipped to 51.1 in December, which is lower than the five year high index reading of 52.6 for November. On the global front, the euro slid to a nine year low against the dollar on Wednesday as investors braced for inflation data that should give doves at the European Central Bank a clear mandate for bolder policy stimulus.
The partially convertible currency is currently trading at 63.43, stronger by 15 paise from its previous close of 63.58 on Tuesday. The currency touched a high and low of 63.56 and 63.38 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.38 and for Euro stood at 75.79 on January 06, 2014. While, the RBI’s reference rate for the Yen stood at 53.25, the reference rate for the Great Britain Pound (GBP) stood at 96.7192. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 06, 2014 | 63.38 | 96.7192 |
| January 05, 2014 | 63.38 | 96.8454 |
(RBI-Reference Rate)
