Indian rupee after making a weak start, although recouped some of its losses, but continued trading near two months low on Wednesday on the back of fresh dollar demand by banks and oil importers in view of its strength overseas. American greenback touched multi years high on expectation of Fed Rate hike. Meanwhile, subdued trend of local equities ahead of the release of February CPI and January IIP data on Monday also weighed on the sentiment. On the global front, US dollar hit a near 12 year peak against the euro and touched its highest level against the Japanese yen in nearly eight years on Tuesday, buoyed by the European Central Bank bond buying program as well as the expectation for a midyear Federal Reserve Rate hike.
The partially convertible currency is currently trading at 62.75, little changed from its previous close of 62.77 on Tuesday. The currency touched a high and low of 62.87 and 62.72 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.69 and for Euro stood at 67.65 on March 10, 2015. While, the RBI’s reference rate for the Yen stood at 51.47, the reference rate for the Great Britain Pound (GBP) stood at 94.5490. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 10, 2015 | 62.69 | 94.5490 |
| March 9, 2015 | 62.61 | 94.3936 |
(RBI-Reference Rate)
