Indian rupee depreciated against greenback on Wednesday on the back of fag-end demand for the US currency on reports of defence-related payments. However, sustained capital inflows and Asian currencies strength versus the dollar, snapped domestic currency’s losses. Investors were trading cautiously ahead of consumer price index and industrial production data on May 10, which will be followed by wholesale inflation data on May 13. Volatile domestic equity markets also pressurized local unit to an extent. Meanwhile, risk sentiments remained strong on the back of Korean rate cut and encouraging global economic data.
The partially convertible currency is currently trading at 54.26, weaker by 10 paise from its previous close of 54.16 on Wednesday. The currency touched a high and low of 54.29 and 54.15 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 70.99 on May 08, 2013. While, the RBI’s reference rate for the Yen stood at 54.77, the reference rate for the Great Britain Pound (GBP) stood at 83.8803. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 7, 2013 | 54.16 | 83.8803 |
May 7, 2013 | 54.27 | 84.3193 |
(RBI-Reference rate)
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