Indian rupee following a weak start, although has recouped some of ground, yet continues to trade weak tailing losses of local equities and other Asian currencies which fell in the aftermath of the strong US jobs report which has raised concerns of an early rate hike by the US Fed. Besides, dollar demand from bank and oil importers in view of its strength overseas also weighed on the sentiment. On the global front, dollar hit an eight year high against the yen and scaled a near 12 year peak against the euro on Tuesday as the underlying scheme of monetary policy divergence held sway.
The partially convertible currency is currently trading at 62.71, weaker by 16 paise from its previous close of 62.55 on Monday. The currency touched a high and low of 62.81 and 62.71 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.61 and for Euro stood at 67.96 on March 9, 2015. While, the RBI’s reference rate for the Yen stood at 51.76, the reference rate for the Great Britain Pound (GBP) stood at 94.3936. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 9, 2015 | 62.61 | 94.3936 |
| March 5, 2015 | 62.20 | 94.7142 |
(RBI-Reference rate)
