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Rupee breaches 64 level again on month end dollar demand

26 Aug 2013 Evaluate

Indian rupee again turned weaker against the greenback on Monday, following weaker offshore rates, as sustained foreign selling in equities continued to increase worries about the gaping current account deficit. Dollar buying by oil companies and importers, who missed the late down move in the dollar on Friday are pressurizing the local unit. Finance Minister P. Chidambaram has reportedly met foreign investors on Saturday in order to seek suggestions on attracting dollar inflows. However, positive domestic equity markets, capped the rupee's fall.

The partially convertible currency is currently trading at 64.25, weaker by 95 paise from its previous close of 63.30 on Friday. The currency has touched a high and low of 64.33 and 63.65 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.68 and for Euro it stood at 86.30 on August 23, 2013. While, the RBI’s reference rate for the Yen stood at 65.32, the reference rate for the Great Britain Pound (GBP) stood at 100.7968. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

August 23, 2013

64.68 100.80

August 22, 2013

65.42

102.10
(RBI-Reference rate)

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