Indian rupee was nearly trading unchanged on Monday on account of prevailing caution a day ahead of RBI’s quarterly monetary policy review, being clearly reflected in the subdued trend of local equities. India’s apex bank, RBI is expected to hike key interest rates by 25 basis points, while further slashing MSF rate by the same quantum. Meanwhile, steadiness of dollar against basket of major of currencies also is restricting the uptrend of Indian currency. In the global market, dollar licked its wounds in early Asian trading on Monday, steadying against major counterparts ahead of the U.S. Federal Reserve's policy-setting meeting following a testing week which saw it tumble to two-year lows against the euro.
The partially convertible currency is currently trading at 61.50, tad changed from its previous close of 61.47 on Friday. The currency touched a high and low of 61.53 and 61.39 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.62 and for Euro it stood at 85.13 on October 25, 2013. While, the RBI’s reference rate for the Yen stood at 63.48, the reference rate for the Great Britain Pound (GBP) stood at 99.9373. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 25, 2013 | 61.62 | 99.9373 |
October 24, 2013 | 61.41 | 99.5280 |
(RBI Reference Rate)
