Paring last session’s gains, India rupee depreciated against greenback amid increased dollar demand from importers. US currency’s strengthening against other currencies overseas pressurized local unit to an extent. Weak opening in the domestic stock market also weighed down on the domestic currency. Meanwhile, investors remained cautious ahead of the RBI's policy review on Tuesday where it is widely expected to cut rates by at least 25 basis points. Euro’s weakness against dollar, on reports that Cyprus would have to tax bank customers’ deposits as part of an EU bailout deal, also pulled down the rupee.
The partially convertible currency is currently trading at 54.30, weaker by 28 paise from its previous close of 54.02 on Friday. The currency touched a high and low of 54.35 and 54.26 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.16 and for Euro it stood at Rs 70.50 on March 14, 2013. While, the RBI’s reference rate for the Yen stood at 56.36, the reference rate for the Great Britain Pound (GBP) stood at 81.7444. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 15, 2013 | 54.16 | 81.7444 |
| March 14, 2013 | 54.44 | 81.3336 |
