Indian rupee after closing flat on the first trading session of ‘FY14’ is trading weak in early deals on Wednesday due to strengthening of the US currency overseas amidst weak local equities. Dollar gains against the euro and yen overseas, which were boosted by solid US economic data and a bleak outlook for the troubled euro-zone, mainly weighed on the sentiment of Indian currency. However, the Indian currency may draw some strength in later part of the session following Prime Minister’s comments of India’s growth slump just being a ‘temporary downturn.’
The partially convertible currency is currently trading at 54.36, weaker by 9 paise from its previous close of 54.27 on Tuesday. The currency has touched a high and low of 54.43 and 54.35 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.33 and for Euro it stood at Rs 69.81 on April 2, 2013. While, the RBI’s reference rate for the Yen stood at 58.56, the reference rate for the Great Britain Pound (GBP) stood at 82.7243. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 2, 2013 | 54.33 | 82.7243 |
| March 28, 2013 | 54.38 | 82.3209 |
RBI-Reference rate
