Indian rupee appreciated against dollar on Thursday, amid expectations of further steps from the government and the RBI in order to limit further fall in the currency. Moreover, the government is reportedly planning to relax borrowing rules for debt-laden Indian companies, including doubling the amount a firm can borrow overseas to $1.5 billion. Positive local equity markets and dollar weakness against other Asian currencies also supported the local unit. Furthermore, dollar selling by some banks and exporters helped rupee to hold gains.
The partially convertible currency is currently trading at 61.08, stronger by 22 paise from its previous close of 61.30 on Wednesday. The currency has touched a high and low of 61.39 and 61.01 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 61.39 and for Euro it stood at 81.69 on August 7, 2013. While, the RBI’s reference rate for the Yen stood at 63.22, the reference rate for the Great Britain Pound (GBP) stood at 94.1723. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
August 7, 2013 | 61.39 | 94.1723 |
August 6, 2013 | 61.53 | 92.3708 |
