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Rupee depreciates to record low level against dollar

10 Jun 2013 Evaluate

Indian rupee depreciated to a record low in the late morning session on Monday amid disappointing data from China and slightly better-than-expected US jobs data. Tracking gains in the US dollar against other Asian currencies, rupee extended early losses against greenback. Investors were waiting for any intervention from the Reserve Bank of India (RBI), as there has been little indication that the RBI has intervened to prevent rupee weakness in recent sessions. Currency sentiments were also dampened amid worries about the country's current account deficit and complicating the RBI’s move for rate cut as it tries to loosen monetary conditions to spur economic recovery.

The partially convertible currency is currently trading at 57.70, weaker by 64 paise from its previous close of 57.06 on Friday. The currency touched a high and low of 57.75 and 57.18 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 56.74 and for Euro it stood at Rs 75.20 on June 7, 2013. While, the RBI’s reference rate for the Yen stood at 58.88, the reference rate for the Great Britain Pound (GBP) stood at 88.5328. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

June 6, 2013

56.86 87.6465

June 5, 2013

56.42 86.5372

(RBI-Reference rate)

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