Following a weak opening, Indian rupee recovered against greenback in the late morning session on Wednesday amid increased selling of the US currency by exporters. Positive domestic equity markets and strengthening of euro against the dollar overseas supported the rupee to an extent. Meanwhile, Governor Duvvuri Subbarao’s statement that the Reserve Bank of India will take note of falling inflation when discussing potential interest rate cuts also boosted currency market sentiments.
The partially convertible currency is currently trading at 54.74, stronger by 8 paise from its previous close of 54.82 on Tuesday. The currency touched a high and low of 54.91 and 54.66 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.62 and for Euro it stood at Rs 71.01 on May 14, 2013. While, the RBI’s reference rate for the Yen stood at 53.85, the reference rate for the Great Britain Pound (GBP) stood at 83.6729. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 14, 2013 | 54.62 | 83.6729 |
May 13, 2013 | 54.91 | 84.4428 |
(RBI-Reference rate)
