Indian rupee, after consolidating in the previous two trading sessions, has depreciated to eight week low level and breached the perilous ‘63/$’ level on Monday, tailing the colossal losses of local equities after an unexpected surge in US jobs data, bolstered the case for the Federal Reserve to scale back stimulus as early as next month. Meanwhile, dollar demand from banks and oil marketing companies, triggered by its strength in the overseas market also weighed on the sentiment. Additionally, India’s currency was also pressured after the central bank cut direct dollar supplies to oil refiners and before a report tomorrow forecasted to show consumer-price inflation accelerated last month. In the global market, US Employers added 204,000 jobs in October, well above the streets’ expectation, while the unemployment rate, which comes from a different households survey, was up slightly to 7.3% from 7.2% in September.
The partially convertible currency is currently trading at 63.33, weaker by 85 paise from its previous close of 62.48 on Friday. The currency has touched a high and low of 63.34 and 62.94 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.73 and for Euro it stood at 84.06 on November 8, 2013. While, the RBI’s reference rate for the Yen stood at 63.94, the reference rate for the Great Britain Pound (GBP) stood at 100.9224. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 8, 2013 | 62.73 | 100.9224 |
| November 7, 2013 | 62.57 | 100.6252 |
