Indian rupee, prolonging previous four consecutive sessions’ losing streak was trading weak against dollar on Wednesday on account of continued dollar demand from state owned banks. The currency fell the most in over two months in previous session on rumors that state-owned banks were buying on behalf of oil refiners fuelling speculation that central bank was gradually withdrawing the oil window. In a measure to curb Rupee’s depreciation, RBI was directly providing dollars to state-run oil firms via a dollar swap facility since late August, taking an estimated $300-$400 million off daily market trading. Nevertheless, the currency reflected similar somber mood since start of trade tailing subdued local equities. Meanwhile, Rupee's fall comes even as euro gains in Asian trading on Thursday after upbeat German data dampened the chances of any imminent interest rate cut from the European Central Bank.
The partially convertible currency is currently trading at 62.61, weaker by 22 paise from its previous close of 62.39 on Wednesday. The currency has touched a high and low of 62.66 and 62.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.92 and for Euro it stood at 83.63 on November 6, 2013. While, the RBI’s reference rate for the Yen stood at 62.81, the reference rate for the Great Britain Pound (GBP) stood at 99.5961. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 6, 2013 | 61.92 | 99.5961 |
| November 5, 2013 | 61.78 | 98.6569 |
