Indian rupee turned lower on Tuesday morning, tailing weakness in other emerging market currencies ahead of the Federal Reserve's meeting this week, where it is widely expected to announce tapering of bond purchases. The domestic currency has strengthened to its one month high in last session, there was dollars selling by banks and exporters that supported the rupee despite disappointing WPI inflation data. However, today most of the regional currencies are trading weak against dollar as the tapering seems eminent in Fed’s meet. In the global markets, the dollar continued trading near a four-week low after Lawrence Summers’ withdrawal from the race to lead the Federal Reserve.
The partially convertible currency is currently trading at 63.58, weaker by 73 paise from its previous close of 62.85. The currency has touched a high and low of 63.60 and 63.32 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.48 and for Euro it stood at 83.49 on September 16, 2013. While, the RBI’s reference rate for the Yen stood at 63.23, the reference rate for the Great Britain Pound (GBP) stood at 99.6620. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 16, 2013 | 62.48 | 99.6620 |
September 13, 2013 | 63.78 | 100.7037 |
(RBI-Reference Rate)
