Indian rupee, extending previous session’s weakness, is trading at three weeks’ low on Thursday on the back of higher fiscal deficit data, which touched 76% of the full year target in the first half of the financial year. Additionally, dollar demand from banks and importers amid a firm dollar overseas, also weighed on the sentiment. Nevertheless, positive local equities, which scaled an all time high level in early deals, limited the further depreciation of Indian currency. Losses to some extent were also capped after core sector sprang up positive surprise by growing 8% in September. On the global front, euro dropped to a two-week low on Friday after a surprise slowdown in euro zone inflation sparked speculation the European Central Bank may take action to bolster the economy.
The partially convertible currency is currently trading at 61.87, weaker by 37 paise from its previous close of 61.50 on Thursday. The currency has touched a high and low of 61.95 and 61.78 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.41 and for Euro it stood at 84.12 on October 31, 2013. While, the RBI’s reference rate for the Yen stood at 62.44, the reference rate for the Great Britain Pound (GBP) stood at 98.2867. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 31, 2013 | 61.41 | 98.2867 |
October 30, 2013 | 61.48 | 98.7052 |
(RBI Reference Rate)
