Indian rupee continued its southward journey against greenback amid dollar strength against other Asian currencies, following strong US data, which raised the prospects of the Federal Reserve beginning to taper its monetary stimulus this year. Weak local equity markets and dollar demand from importers and bank pressurized local unit. Meanwhile, currency fall was restricted as the Reserve Bank took another step to rescue the rupee, by tightening hedging rules and making it mandatory for foreign institutional investors to obtain the consent of holders of participatory notes and derivative instruments before hedging.
The partially convertible currency is currently trading at 60.77, weaker by 33 paise from its previous close of 60.44 on Thursday. The currency has touched a high and low of 60.81 and 60.58 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.74 and for Euro it stood at Rs 80.60 on August 1, 2013. While, the RBI’s reference rate for the Yen stood at 61.69, the reference rate for the Great Britain Pound (GBP) stood at 92.0550. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
August 1, 2013 | 60.74 | 92.0550 |
July 31, 2013 | 61.11 | 92.9742 |
