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Rupee trades weak on fresh dollar demand

06 Nov 2013 Evaluate

Indian rupee extending their declining streak, have made a weak start on Wednesday on fresh dollar demand from banks and importers amid strengthening of the US currency overseas. In last session the local currency showed some spurt on talks of dollar sales from a foreign telecom company but turned lower tailing weak equity markets and as India’s HSBC services PMI for October came at 47.5. Today, the mood remains cautious with concern of state-owned refiners resuming dollar purchases, which will limit the positive impact of overseas dollar inflows. In the global markets, dollar edged higher against the euro ahead of the European Central Bank’s monthly meeting.

The partially convertible currency is currently trading at 61.89, weaker by 26 paise from its previous close of 61.63 on Tuesday. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.78 and for Euro it stood at 83.41 on November 5, 2013. While, the RBI’s reference rate for the Yen stood at 62.74, the reference rate for the Great Britain Pound (GBP) stood at 98.6569. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 5, 201361.78 98.6569

November 1, 2013

61.9099.1897
(RBI Reference Rate)

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