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Rupee depreciates against greenback amid increasing dollar demand

22 Apr 2013 Evaluate

Indian rupee depreciated against greenback on Monday amid increasing demand for dollar from banks and gold importers. American currency’s gains against other Asian currencies overseas, pressurized the local unit. However, positive local equity markets and euro’s gain against the dollar, capped rupee’s losses. Investors were still hopeful of key interest rate cut by the Reserve Bank of India in its monetary policy review on May 3, which was putting some positive impact on the rupee.

The partially convertible currency is currently trading at 54.13, weaker by 17 paise from its previous close of 53.96 on Thursday. The currency has touched a high and low of 54.25 and 53.99 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.02 and for Euro it stood at Rs 70.49 on April 18, 2013. While, the RBI’s reference rate for the Yen stood at 55.14, the reference rate for the Great Britain Pound (GBP) stood at 82.4306. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
April 18, 201354.02 82.4306
April 17, 201353.94 82.7691
RBI-Reference rate

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