Indian rupee continued to depreciate against the greenback amid increasing dollar demand from banks and exporters. The currency has now decisively breached the 62 levels despite several measures announced by the Reserve Bank. Dollar’s strength against other Asian currencies and weak local equity markets also pressurized the domestic currency. However, with rupee's weakness, Reserve Bank of India (RBI) is expected to take more actions, which last week curbed outflows from companies and individuals, roiling stock and bond markets on Friday. Policymakers later stepped in to assuage nerves that the government was not looking at curbing foreign money outflows.
The partially convertible currency is currently trading at 62.31, weaker by 65 paise from its previous close of close at 61.66 on Friday. The currency has touched a high and low of 62.45 and 62.21 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 61.81/82 and for Euro it stood at 81.45 on August 16, 2013. While, the RBI’s reference rate for the Yen stood at 63.29, the reference rate for the Great Britain Pound (GBP) stood at 96.56. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 16, 2013 | 61.81 | 96.56 |
August 14, 2013 | 61.51 | 94.98 |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: