The Indian Rupee, after scaling one month high level is the previous trading session, was trading weak against dollar ahead of Reserve Bank of India's (RBI) mid-quarter review of the monetary policy for 2013-14, where new governor, Rahguram Rajan faced with the 'impossible trinity' of a weak rupee, rising inflation and slowing growth, is likely to hold key rates and scale back some of the emergency measures that have helped the rupee bounce from a record low. Besides, subdued trend of local equities also is adding to the negative milieu. Additionally, fresh dollar demand for the US currency from importers, ahead of the RBI's mid-quarter policy review, also is adding to the local unit’s woes. On the global front, dollar drifted off a seven-month low against a basket of major currencies on Friday as investors unwound some of the bearish trades put on in reaction to the Federal Reserve's shock decision to maintain its massive bond-buying stimulus.
The partially convertible currency is currently trading at 62.13, weaker by 36 paise from its previous close of 61.77 on Thursday. The currency touched a high and low of 62.20 and 62.04 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.74 and for Euro it stood at 83.54 on September 19, 2013. While, the RBI’s reference rate for the Yen stood at 62.74, the reference rate for the Great Britain Pound (GBP) stood at 99.5625. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 19, 2013 | 61.74 | 99.5625 |
September 18, 2013 | 63.14 | 100.4810 |
