Indian rupee, extending last session’s weakness, was trading weak on Friday, on fresh demand from importers for the US currency amid its strength overseas. The currency also depreciated tailing weakness in offshore non-deliverable forwards, although better-than-expected factory output data limited a sharp fall. On the macro-front, in a big surprise and giving much needed respite to the policymakers, India's annual industrial output growth measured by index of industrial production (IIP), grew by 2.6% to 171.5 in the month of July from 167.1 in the same month of previous year. Further, even weakness of local equities after PM economic panel lowered FY14 GDP growth of 5.3% from its earlier estimate 6.4%, was adding to negatives for the Indian currency. On the global front, dollar inched up against a basket of major currencies but was still lower for the week, having been dented by growing doubts that the Federal Reserve will scale back monetary stimulus in any significant manner next week.
The partially convertible currency is currently trading at 63.81, weaker by 31 paise from its previous close of 63.50. The currency has touched a high and low of 64.18 and 63.60 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.66 and for Euro it stood at 84.72 on September 12, 2013. While, the RBI’s reference rate for the Yen stood at 64.10, the reference rate for the Great Britain Pound (GBP) stood at 100.7089. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 12, 2013 | 63.66 | 100.7089 |
September 11, 2013 | 63.90 | 100.4691 |
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