Following a negative start and a subsequent marginal recovery, the Indian rupee again depreciated against greenback in the late morning session on Wednesday. In early trades, the rupee pulled back from record lows, after the RBI announced an open market purchase of bonds, which boosted the bond prices and equity markets. The up move was short-lived due to dollar demand from banks and importers. However, dollar’s weakness against euro and yen as traders awaited the release of minutes from the US Federal Reserve's July meeting, restricted some rupee’s losses.
The partially convertible currency is currently trading at 63.40, weaker by 15 paise from its previous close of close at 63.25 on Tuesday. The currency has touched a high and low of 63.47 and 63.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.73 and for Euro it stood at 85.06 on August 20, 2013. While, the RBI’s reference rate for the Yen stood at 65.51, the reference rate for the Great Britain Pound (GBP) stood at 99.7875. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 20, 2013 | 63.73 | 99.79 |
August 19, 2013 | 62.34 | 97.37 |
