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Rupee depreciates against greenback amid lower equity markets

11 Feb 2013 Evaluate

Indian rupee depreciated against greenback on Monday amid increasing dollar demand from oil importers. Weakness in the domestic equity markets also pressurized domestic currency. However, investors expect dollar inflows from pending share sale in state-run MMTC and SAIL, which might boost the Indian unit. Meanwhile, euro’s weakness after touching to a two-week low on uncertainty over a political scandal in Spain and a looming election in Italy, also weighted on rupee.

The partially convertible currency is currently trading at 53.71, weaker by 20 paise from its previous close of 53.51 on Friday. The currency has touched a high and low of 53.75 and 53.63 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.56 and for Euro it stood at Rs 71.78 on February 8, 2013. While, the RBI’s reference rate for the Yen stood at 57.42, the reference rate for the Great Britain Pound (GBP) stood at 84.2541. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

February 8, 2013

53.56 83.2541

February 7, 2013

53.14

83.2695

(RBI-reference rate)

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