Indian rupee, extending previous session’s appreciating streak, strengthened the most in a fortnight on Thursday after U.S. dollar sagged to eight-month lows following a failure by the US lawmakers to resolve a budget impasse that damped demand for the unit worldwide. Meanwhile, RBI’s announcement to conduct open market operations (OMOs) by purchasing government securities for an aggregate amount of Rs 10,000 crore on October 7, also continued to buoy the sentiment of Indian currency for second consecutive session, with fresh selling of dollar by exporters and positive local equities too adding to the positive milieu. Additionally, Finance Minister P Chidambaram's confidence of closing the fiscal with a better set of CAD numbers than initially projected, also worked in the favour of Indian currency. The government's target for the financial year is $ 70 billion or 3.7% of GDP.
The partially convertible currency is currently trading at 61.93, stronger by 54 paise from its previous close of 62.47 on Tuesday. The currency has touched a high and low of 62.22 and 61.82 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.35 and for Euro it stood at 84.53 on October 1, 2013. While, the RBI’s reference rate for the Yen stood at 63.51, the reference rate for the Great Britain Pound (GBP) stood at 101.2030. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 1,2013 | 62.35 | 101.2030 |
September 30, 2013 | 62.77 | 101.4162 |
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