Indian rupee depreciated against dollar amid fresh demand for greenback from oil importers for month end payments. Dollar’s strength gain against other currencies overseas and weakness in domestic equity markets also pressurized local unit to an extent. Investors were cautious ahead of the Reserve Bank of India’s third-quarter monetary policy review on Tuesday and expect an interest rate cut in a policy review. However, euro was trading near 11-month high against the dollar due to rising signs of recovering economic confidence in Europe.
The partially convertible currency is currently trading at 53.78, weaker by Rs 9 paise from its previous close of 53.69 on Thursday. The currency has touched a high and low of 53.92 and 53.75 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.85 and for Euro it stood at Rs 71.72 on January 24, 2013. While, the RBI’s reference rate for the Yen stood at 60.30, the reference rate for the Great Britain Pound (GBP) stood at 85.2550. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
January 24, 2013 | 53.85 | 85.2550 |
January 23, 2013 | 53.77 | 85.1356 |
