Rupee extending its weak trend made a soft start on Monday and was trading lower despite some recovery, due to month-end dollar demand amidst fall in the equity market. The domestic currency though headed for its best month in a year but is under pressure due to the sustained dollar demand from importers; mainly oil refiners to meet their month end obligations, though some recovery was witnessed by mild selling of dollars by banks. In global markets, the dollar turned weak, as a midnight deadline to avert a shutdown in Washington loomed large. The euro too was weak with Italy in the grip of a fresh political crisis.
The partially convertible currency is currently trading at 62.75, weaker by 25 paise from its previous close of 62.50 on Friday. The currency has touched a high and low of 63.00 and 62.60 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.81 and for Euro it stood at 83.42 on September 27, 2013. While, the RBI’s reference rate for the Yen stood at 62.66, the reference rate for the Great Britain Pound (GBP) stood at 99.4972. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 27, 2013 | 61.81 | 99.4972 |
September 26, 2013 | 62.22 | 100.0594 |
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