Indian rupee, after nearing the record low level in early deals, have recuperated some lost ground to trade strong on Wednesday, mainly on increased selling of the US currency by exporters. However, dollar’s strength against other currencies overseas capped the rupee’s gain as investors await the conclusion of the US Federal Reserve’s policy meeting. Meanwhile, weakness of local equities could also limit the appreciation of Indian currency. Nevertheless, optimism over India’s government allowing more overseas investments, pumped some strength into the local currency. A finance ministry panel has recommended increasing foreign investment limits in areas including defense, telecommunications and retail.
The partially convertible currency is currently trading at 58.65, stronger by 12 paise from its previous close of 58.77 on Tuesday. The currency touched a high and low of 58.91 and 58.62 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 58.45 and for Euro it stood at Rs 77.91 on June 18, 2013. While, the RBI’s reference rate for the Yen stood at 61.59, the reference rate for the Great Britain Pound (GBP) stood at 91.5993. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
June 18, 2013 | 58.45 | 91.5993 |
June 17, 2013 | 57.73 | 90.6088 |
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