Rupee appreciates to eight-week high level tailing broader gains of local equities

11 Oct 2013 Evaluate

Indian rupee, prolonging previous consecutive sessions’ winning streak, appreciated to eight-week high level on Friday, tracing the broader gains of local equity markets after IT major Infosys revised guidance for the year upwards to 9-10% for the 2013-14 fiscal from 6-10% earlier, even as investors await August IIP figures which are expected to throw up some positive surprise. Additionally, reports which suggested of Government looking to include its bonds on global benchmark indices, also added to the strength of Indian currency. Meanwhile, some sentimental boost was provided to the currency after HSBC slashed its USD/INR forecast for the end of the year to 62 from 65 previously, citing improvements in the current account deficit and measures to attract inflows. In the global market, dollar edged up in Asian trading on Friday, holding just below two-week highs against major currencies hit the previous day and approaching this month's high against the yen on signs the U.S. budget impasse might be heading towards a resolution.

The partially convertible currency is currently trading at 61.14, stronger by 26 paise from its previous close of 61.40 on Thursday. The currency has touched a high and low of 61.27 and 61.08 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.13 and for Euro it stood at 83.87 on October 10, 2013. While, the RBI’s reference rate for the Yen stood at 63.58, the reference rate for the Great Britain Pound (GBP) stood at 99.0236. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date	1US$	1GBP
October 10, 2013	62.13	99.0236
October 9, 2013	61.91	99.4511

(RBI Reference Rate)

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