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Rupee resumes trade with vigor on Thursday

17 Oct 2013 Evaluate

Indian rupee, after a break, resumed trade with strength on Thursday, on account dollar sales by exporters and higher opening of local equity markets, which now are rapidly losing ground. The forex market remained closed yesterday on account of 'Id-ul-Zuha' (Bakrid). Nevertheless, the mood remained upbeat even after World Bank lowered India’s economic growth forecast to 4.7% for the current fiscal from 6.1% growth projected earlier. Meanwhile, dollar’s weakness also was bolstering sentiment. On the global front, dollar eased against the yen on Thursday in a sell-the-fact type of reaction after the U.S. Congress approved an 11th-hour deal to end a fiscal standoff and avoid a damaging default on government debt.

The partially convertible currency is currently trading at 61.59, stronger by 26 paise from its previous close of 61.85 on Tuesday. The currency has touched a high and low of 61.72 and 61.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.69 and for Euro it stood at 83.67 on October 15, 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 98.5914. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

October 15, 2013

61.69 98.5914

October 14, 2013

61.3097.9877

(RBI Reference Rate)

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