Indian rupee depreciated to nine-month low against greenback amid increasing month-end demand for the US currency from importers and banks. Appreciation of the American currency against major currencies overseas on robust economic data and a weak domestic equity market pressurized the local unit. However, Reserve Bank of India’s (RBI) statement that it will continue to take steps to check excessive volatility in the currency market, capped losses. It plans to allow exporters and importers to rebook and cancel up to 50% of their total hedged exposure from the present cap of 25%.
The partially convertible currency is currently trading at 56.22, weaker by 26 paise from its previous close of 55.96 on Tuesday. The currency touched a high and low of 56.25 and 56.09 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 55.74 and for Euro it stood at Rs 72.02 on May 28, 2013. While, the RBI’s reference rate for the Yen stood at 54.65, the reference rate for the Great Britain Pound (GBP) stood at 84.1709. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 28, 2013 | 55.74 | 84.1709 |
May 27, 2013 | 55.61 | 84.1806 |
(RBI-Reference rate)
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: