Indian Rupee, although recovering from early lows, was still trading weak on Tuesday on account of fresh dollar demand from banks in view of its strength overseas. However, negative local equities continued to weigh on the sentiment, though HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, recovered from four years low at 47.1 in October against 44.6 in September. The Indian currency prolonging previous two trading sessions’ losing streak weakened further on Tuesday. The forex and money markets were closed on Monday on account of Diwali-Balipratipada. On the global front, euro eased on Tuesday, stalling near a seven-week low as investors were cautious ahead of the European Central Bank's policy meeting this week, while the Aussie dollar slipped after the nation's central bank talked down the currency.
The partially convertible currency is currently trading at 61.78, weaker by 34 paise from its previous close of 61.44 on Friday. 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 61.90 and for Euro it stood at 83.87 on November 1, 2013. While, the RBI’s reference rate for the Yen stood at 63.21, the reference rate for the Great Britain Pound (GBP) stood at 99.1897. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 1, 2013 | 61.90 | 99.1897 |
October 31, 2013 | 61.41 | 98.2867 |
