Indian rupee was trading marginally weaker after a good start, earlier the rupee strengthened against the dollar on Thursday on sustained selling of the US currency by exporters and banks as the Current Account Deficit (CAD) for the March quarter slipped to 0.2% of gross domestic product (GDP), its lowest in a year, helped by a lower trade deficit. A low CAD will support the rupee and help India counter possible capital outflows in the event of a hike in interest rates by the US Federal Reserve later this year. Higher opening in the domestic stock market also supported the rupee, though the dollar’s strength against other currencies overseas weighed on the sentiments and dragged the rupee down.
The partially convertible currency is currently trading at 63.89, weaker by 5 paise from its previous close of 63.84 on Wednesday. The currency touched a high and low of 63.8950 and 63.7450 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.88 and for Euro stood at 72.14 on June 10, 2015. While, the RBI’s reference rate for the Yen stood at 51.94, the reference rate for the Great Britain Pound (GBP) stood at 98.4722. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
June 10, 2015 | 63.8849 | 98.4722 |
June 09, 2015 | 63.9360 | 98.2696 |
(RBI-Reference Rate)
