Indian rupee has made a strong start, extending its last day's gains. The domestic currency has been strengthening since last session as increased dollar flows helped meet demand for the greenback from foreign investors. Further the rupee was also getting strength from the latest announcement of the RBI of taking steps such as bond purchases to ensure adequate supply of money for credit flows. It has relaxed the minimum maturity tenure for banks' foreign currency borrowings' to one year from three years. In global markets, the US dollar struggled to make any headway in Asia trade despite its rise against yen and the budget impasse kept the greenback under pressure.
The partially convertible currency is currently trading at 62.35, stronger by 8 paise from its previous close of 62.43 on Wednesday. The currency has touched a high and low of 62.35 and 62.12 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.69 and for Euro it stood at 84.45 on September 25, 2013. While, the RBI’s reference rate for the Yen stood at 63.57, the reference rate for the Great Britain Pound (GBP) stood at 100.2731. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 25, 2013 | 62.69 | 100.2731 |
September 24, 2013 | 62.65 | 100.4604 |
(RBI-Reference Rate)
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