After closing at record low last week, Indian rupee pulled back on Monday amid Dollar’s weakness against other major Asian currencies, as US jobs data on Friday was seen making the Federal Reserve more cautious about rolling back its economic stimulus soon. This delay in tapering of stimulus is good for local unit as India depends on capital inflows to finance its record current account deficit. Positive domestic equity markets also helped rupee to hold gains. However, dollar demand from importer and banks has restricted the rupee’s further gains. Meanwhile, the monsoon session of parliament begins today and the opposition has said it will put the government on the mat over the rupee's slide.
The partially convertible currency is currently trading at 60.77, weaker by 34 paise from its previous close of 61.11 on Friday. The currency has touched a high and low of 61.00 and 60.78 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.80 and for Euro it stood at Rs 80.36 on August 2, 2013. While, the RBI’s reference rate for the Yen stood at 61.04, the reference rate for the Great Britain Pound (GBP) stood at 91.9531. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
August 2, 2013 | 60.80 | 91.9531 |
August 2, 2013 | 60.74 | 92.0550 |
