Recovering from early weakness, Indian rupee appreciated against greenback, strengthening below 60 to the dollar, amid increased US currency’s selling by banks and exporters, and strong domestic equity market. However, month-end demand from oil importers for the American currency was limiting gains. Cabinet Committee on Economic Affairs’ (CCEA) decision to hike gas price to higher-than-expected at $8.4 mmBtu from $4.2 mmBtu, too supported the local unit. Currency sentiments also improved on comments by Fed officials that there is still time before QE (Quantitative Easing) can be phased out.
The partially convertible currency is currently trading at 59.73, stronger by 46 paise from its previous close of 60.19 on Thursday. The currency touched a high and low of 59.95 and 59.73 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.58 and for Euro it stood at Rs 78.94 on June 27, 2013. While, the RBI’s reference rate for the Yen stood at 61.79, the reference rate for the Great Britain Pound (GBP) stood at 92.9178. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
June 27, 2013 | 60.58 | 92.9178 |
June 26, 2013 | 59.85 | 92.2531 |
