Indian rupee, after appreciating to nearly three week high level in the previous trading session gained some more ground on Thursday on fresh dollar selling by exporters and some banks. Additionally, massive gains of local equities also aided the sentiment. The currency snapping two consecutive session’s depreciating streak, appreciated to nearly three week high on Wednesday on sustained capital inflows into debt by foreign investors in the face of risk-averse environment in emerging markets. India's bond markets rallied on expectations the Reserve Bank of India slashing interest rates as early as February due to sharply easing inflation. Meanwhile, reports of continued FIIs investment in debt market also aided the currency to strengthen more. On the global front, euro wobbled near a nine-year low on Thursday as investors wagered the European Central Bank would have to take bolder stimulus steps to combat growing deflationary pressures in the zone.
The partially convertible currency is currently trading at 62.97, stronger by 21 paise from its previous close of 63.18 on Wednesday. The currency touched a high and low of 63.20 and 62.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.44 and for Euro stood at 75.27 on January 07, 2014. While, the RBI’s reference rate for the Yen stood at 53.30, the reference rate for the Great Britain Pound (GBP) stood at 95.9864. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 07, 2014 | 63.44 | 95.9864 |
| January 06, 2014 | 63.38 | 96.7192 |
(RBI-Reference Rate)
