Indian rupee depreciated to a fresh record life-time low against greenback, making imports more costly, CAD worse and the struggling economy further vulnerable. Weakness in local equity markets and strong dollar demand from banks and importers were pressurizing the domestic unit. Firming dollar against other currencies on the back of strong economic data also weighed on rupee. Investors were cautious as there were no visible signs of RBI intervention to arrest rupee slide. Meanwhile, the finance ministry tried to soothe frayed nerves with Economic Affairs Secretary Arvind Mayaram saying, if you see weakening of all currency vis-a-vis dollar, rupee is also not unaffected in that sense.
The partially convertible currency is currently trading at 58.86, weaker by 71 paise from its previous close of 58.15 on Monday. The currency touched a high and low of 58.90 and 58.23 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 57.78 and for Euro it stood at Rs 76.23 on June 10, 2013. While, the RBI’s reference rate for the Yen stood at 58.79, the reference rate for the Great Britain Pound (GBP) stood at 89.7123. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
June 10, 2013 | 57.78 | 89.7123 |
June 6, 2013 | 56.86 | 87.6465 |
(RBI-Reference rate)
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