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Rupee pares gain after a decent start

12 Sep 2013 Evaluate

Indian rupee extending its unabated run for the sixth straight session made a good start on Thursday. The rupee has now recovered around 6 percent over the last five sessions and has become the best performing currency in the region. The early gains in domestic currency were aided by the easing geopolitical concerns, as an attack on Syria appeared less imminent. Though, there was some cautiousness and rupee pared its gains with the decline in equity markets and ahead of the IIP and CPI inflation data, to be announced later in the day. In the global markets, the dollar declined to two-week lows against a basket of major currencies on Thursday, on doubts the Federal Reserve will scale back stimulus in any significant way next week.

The partially convertible currency was currently trading at 63.50, weaker by 13 paise from its previous close of 63.37 on Wednesday. The currency touched a high and low of 63.55 and 62.93 respectively.The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.90 and for Euro it stood at 84.65 on September 11, 2013. While, the RBI’s reference rate for the Yen stood at 63.68, the reference rate for the Great Britain Pound (GBP) stood at 100.4691. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

September 11, 2013

63.90100.4691

September 10, 2013

64.22

100.8259

(RBI-Reference Rate)

 

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