Indian rupee, prolonging previous two consecutive sessions’ depreciating streak, was trading at a week's low level on Tuesday, on account of strong dollar demand from oil importers and banks, in view of its strength on the overseas market. Meanwhile, subdued trend of local equities on account of prevailing uncertainty on whether the Federal Reserve will start withdrawing stimulus this year, also weighed on the sentiment. However, consistent buying by Foreign Institutional Investors (FIIs) restricted further losses of Indian currency. As per exchange data, foreign funds extended buying for a twelfth consecutive session, provisionally buying $167.8 million on Monday. On the global front, US dollar found its footing in early Asian trading on Tuesday, holding above eight-month lows as investors hedged their bets in case the delayed US payrolls report for September was stronger than expected.
The partially convertible currency is currently trading at 61.79, weaker by 27 paise from its previous close of 61.52 on Monday. The currency has touched a high and low of 61.82 and 61.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.48 and for Euro it stood at 84.12 on October 21, 2013. While, the RBI’s reference rate for the Yen stood at 62.66, the reference rate for the Great Britain Pound (GBP) stood at 99.4085. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 21, 2013 | 61.48 | 99.4085 |
October 18, 2013 | 61.27 | 99.0281 |
