Indian rupee appreciated against greenback on fresh dollar selling by exporters after the Reserve Bank of India’s (RBI) measures of tightening liquidity and making it costlier for banks to access funds from the central bank. The RBI has increased the marginal standing facility (MSF) rate and bank rate each by 200 basis points to 10.25%, reduced the amount up to which banks can borrow or lend under its daily liquidity window and declared a sale of government securities via an open market operation. Moreover, total funds available under RBI’s repo window will be capped at 1% of banks' deposits - roughly Rs75000 crore- from Wednesday. It announced an Rs 12000 crore sale of government bonds for Thursday. However, weak local equity markets were restricting domestic currency’s up move.
The partially convertible currency is currently trading at 59.35, stronger by 51 paise from its previous close of 59.86 on Monday. The currency touched a high and low of 59.49 and 59.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.05 and for Euro it stood at Rs 78.47 on July 15, 2013. While, the RBI’s reference rate for the Yen stood at 60.51, the reference rate for the Great Britain Pound (GBP) stood at 90.7130. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
July 15, 2013 | 60.05 | 90.7130 |
July 12, 2013 | 59.90 | 90.8802 |
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