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Rupee depreciates against greenback on lower equity markets

28 May 2013 Evaluate

Indian rupee depreciated against greenback amid increasing month end dollar demand from oil refiners looking to meet month-end import commitments. Dollar’s strength against other Asian currencies was pressurizing local unit. Domestic markets weakness also weighed on rupee. However, losses remain capped with the Reserve Bank of India’s curbs against gold purchases to rein in a record current-account deficit.

The partially convertible currency is currently trading at 55.76, weaker by 19 paise from its previous close of 55.57 on Monday. The currency touched a high and low of 55.77 and 55.64 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 55.61 and for Euro it stood at Rs 71.95 on May 27, 2013. While, the RBI’s reference rate for the Yen stood at 55.10, the reference rate for the Great Britain Pound (GBP) stood at 84.1806. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

May 27, 2013

55.61 84.1806

May 24, 2013

55.60 83.9840

(RBI-Reference rate)

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