Indian rupee, after scaling two month high level in the previous trading session, was trading weak against dollar on Monday on account of fresh demand for American currency, while prevailing caution ahead of data on inflation based on the wholesale price index (WPI) and the consumer price index (CPI), both, for September 2013, to be released later during the day, also weighed. The annual rate of inflation, based on the monthly wholesale price index (WPI) is expected to ease slightly to 6% in September 2013 from 6.1% in August 2013, while that based on the combined consumer price index (CPI) for urban and rural India is seen easing a bit 9.4% in September 2013 from 9.52% in August 2013. Additionally, subdued IIP figures which grew by mere 0.6% for the month of August, leading the drag of the bourses in early deals, also added to the pessimistic milieu. However, uptick of local equities is limiting the further depreciation of Indian currency. On the global front, dollar fell on Monday while the yen rose on safe-haven demand due to concerns the United States may default on its debts as lawmakers negotiate a deal to raise its borrowing facility ahead of a deadline this week.
The partially convertible currency is currently trading at 61.16, weaker by 9 paise from its previous close of 61.07 on Friday. The currency has touched a high and low of 61.27 and 61.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.15 and for Euro it stood at 82.77 on October 11, 2013. While, the RBI’s reference rate for the Yen stood at 62.15, the reference rate for the Great Britain Pound (GBP) stood at 97.7656. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 11, 2013 | 61.15 | 97.7656 |
October 10, 2013 | 62.13 | 99.0236 |
