Indian rupee depreciated substantially on Monday on account of incremental month end dollar demand by banks and oil importers in view of strength of American currency’s overseas. However, positive local equities after global rating agency Fitch underscored that sustained fiscal consolidation, structural reforms and low inflation were positive for the country's ratings, prevented sharper slide of Indian currency. On the global front, dollar inched higher versus the yen and euro on Monday after the head of the U.S. Federal Reserve underscored the view that the Fed is likely to start raising interest rates gradually later this year.
The partially convertible currency is currently trading at 62.63, weaker by 21 paise from its previous close of 62.42 on Friday. The currency touched a high and low of 62.66 and 62.52 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.60 and for Euro stood at 68.14 on March 27, 2015. While, the RBI’s reference rate for the Yen stood at 52.53, the reference rate for the Great Britain Pound (GBP) stood at 92.9525. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 27, 2015 | 62.60 | 92.9525 |
| March 26, 2015 | 62.67 | 93.2634 |
(RBI-Reference Rate)
