Snapping earlier session’s gains, Indian rupee hits new record low amid dollar’s strength against other Asian currencies. Increasing dollar buying from banks and importers and weak local equity markets also contributed to the rupee’s weakness. Investors’ were worried about the mixed signals from the Reserve Bank of India and the government over how to handle the fall in the rupee. Currency market expects additional strong measures from the RBI to tighten cash conditions if the improvement in cash situation continues.
The partially convertible currency is currently trading at 61.46, weaker by 58 paise from its previous close of 60.88 on Monday. The currency has touched a high and low of 61.51 and 61.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.82 and for Euro it stood at Rs 80.73 on August 5, 2013. While, the RBI’s reference rate for the Yen stood at 61.77, the reference rate for the Great Britain Pound (GBP) stood at 92.9664. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
August 5, 2013 | 60.82 | 92.9664 |
August 2, 2013 | 60.80 | 91.9531 |
