After some recovery in opening trade, Indian rupee has erased early gains and depreciated against greenback in the late morning session on Wednesday, amid increasing month end demand for US currency from importers and banks. However, strengthening of the euro against the dollar in overseas market and positive domestic equity market capped the rupee losses. The local unit has been affected by a widening gap in current account deficit and the perpetual need to finance the gap with dollar inflows.
The partially convertible currency is currently trading at 55.44, weaker by 4 paise from its previous close of 55.40 on Tuesday. The currency touched a high and low of 55.49 and 55.34 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.03 and for Euro it stood at Rs 70.92 on May 21, 2013. While, the RBI’s reference rate for the Yen stood at 53.67, the reference rate for the Great Britain Pound (GBP) stood at 83.9517. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 21, 2013 | 55.03 | 83.9517 |
May 20, 2013 | 55.03 | 83.6064 |
