Indian rupee, despite a firm opening has pared majority of gains and is trading almost flat, albeit in positive territory against greenback in the late morning session on Wednesday, amid increasing dollar demand from banks and importers. Earlier, rupee strengthened to hit a fresh two-week high in early trades, after , after the government liberalized FDI limits in a dozen sectors, including allowing 100% FDI in telecom and higher limits in 'state-of-the-art' defence manufacturing, in a bid to lure capital inflows, boosted the local currency. Higher opening in the domestic equity market and dollar’s weakness against other also helped the rupee to strengthen.
The partially convertible currency is currently trading at 59.31, stronger by a paisa from its previous close of 59.32 on Tuesday. The currency touched a high and low of 59.35 and 59.10 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 59.39 and for Euro it stood at Rs 77.72 on July 16, 2013. While, the RBI’s reference rate for the Yen stood at 59.54, the reference rate for the Great Britain Pound (GBP) stood at 89.8965. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
July 16, 2013 | 59.39 | 89.8965 |
July 15, 2013 | 60.05 | 90.7130 |
