Indian rupee continued depreciating against greenback amid increasing dollar demand from importers. Domestic equity markets weakness is also pressurizing local unit. Meanwhile, heavy capital outflows on the back of narrowing expectations of another rate cut in the central bank's upcoming policy review in mid-June also affecting domestic currency. The appreciation of the dollar against other currencies amid improvement in the performance of the US economy and on possibility of the phasing out of quantitative easing by the US Federal Reserve, also weighed on rupee.
The partially convertible currency is currently trading at 56.57, weaker by 7 paise from its previous close of 56.50 on Friday. The currency touched a high and low of 56.57 and 56.40 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 56.49 and for Euro it stood at Rs 73.68 on May 31, 2013. While, the RBI’s reference rate for the Yen stood at 56.03, the reference rate for the Great Britain Pound (GBP) stood at 86.0092. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 31, 2013 | 56.49 | 86.0092 |
May 30, 2013 | 56.09 | 85.1310 |
(RBI-Reference rate)
