Indian rupee, although has recovered from early lows, continues to trade weak on Friday, with the focus gradually shifting to the central bank's rate meeting next week.Strong month end dollar demand amidst subdued local equity trend is mainly spooking sentiment. Further, Finance Minister’s stipulation of being prepared for US tapering to regulators, also is adding to the underlying weakness of Indian currency. Finance Minister P Chidambaram has asked financial sector regulators, including RBI and SEBI, to take preventive steps to neutralise the impact of US Federal Reserve's monetary stimulus tapering that is likely early next year. On the global front, dollar has hit a fresh two-year low versus the euro on Friday, pressured by strengthened expectations the U.S. Federal Reserve will maintain its asset purchases through early next year.
The partially convertible currency is currently trading at 61.61, 14 paise lower from its previous close of 61.47 on Thursday. The currency has touched a high and low of 61.78 and 61.43 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.41 and for Euro it stood at 84.81 on October 24, 2013. While, the RBI’s reference rate for the Yen stood at 62.99, the reference rate for the Great Britain Pound (GBP) stood at 99.5280. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 24, 2013 | 61.41 | 99.5280 |
October 23, 2013 | 61.53 | 99.7466 |
(RBI Reference Rate)
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