Indian rupee extended losses, touching all-time low against the greenback, amid heavy demand for the American currency and capital outflows. Emerging markets selloff after strong US jobs data increased the currency's vulnerability and dependence on capital inflows to fund its record current account deficit. Dollar’s strength against other currencies in overseas markets too pressurized the domestic currency. A steep increase in the crude oil prices which surged over $100 in overseas markets was one of the main reasons for rupee fall. Investors are waiting for the earnings season, as better earnings could help revive market sentiment.
The partially convertible currency is currently trading at 61.05, weaker by 83 paise from its previous close of 60.22 on Friday. The currency touched a high and low of 61.19 and 60.80 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.33 and for Euro it stood at Rs 77.80 on July 05, 2013. While, the RBI’s reference rate for the Yen stood at 60.14, the reference rate for the Great Britain Pound (GBP) stood at 90.7868. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
July 5 2013 | 60.33 | 90.7868 |
July 4 2013 | 60.09 | 91.5779 |
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