Indian rupee erasing early gains was trading flat on Wednesday on incremental dollar demand from banks and oil marketing companies in view of its strength overseas. However, the Indian currency hit a month high level after the central bank delivered another unexpected rate cut, while emerging Asian currencies barely moved ahead of U.S. economic data and a European Central Bank (ECB) meeting later this week. In a surprise move and prompt reaction to the Budget 2015-16, the Reserve Bank of India (RBI) cut repo rate by 25 basis points or 0.25% to 7.5%, giving its affirmation to the fiscal consolidation measures announced by the government in the Budget. On the global front, dollar held firm near an 11-year high versus a basket of major currencies on Wednesday, as investors awaited U.S. economic data and a European Central Bank meeting later this week for fresh clues on policy direction.
The partially convertible currency is currently trading at 61.88, little changed from its previous close of 61.87 on Monday. The currency touched a high and low of 61.88 and 61.65 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.83 and for Euro stood at 69.24 on March 3, 2015. While, the RBI’s reference rate for the Yen stood at 51.68, the reference rate for the Great Britain Pound (GBP) stood at 95.1388. The reference rates are based on 12 noon rates of a few select banks in Mumbai
| Date | 1US$ | 1GBP |
| March 3, 2015 | 61.83 | 95.1388 |
| March 2, 2015 | 61.82 | 95.2658 |
(RBI-Reference Rate)
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