Indian rupee lost more ground in early deals on Thursday on account of sustained demand for the US currency from banks and importers in view of its strength in the overseas market. Dollar index appreciated against basket of major currencies after minutes from the Federal Reserve’s October meeting signaled that the policymakers were considering cutting its stimulus programme in the coming months. Meanwhile, slide of local barometer gauges at Dalal Street in light of negative global set-up, also pressurized the currency. Nevertheless, Indian currency after dangerously nearing the 63/$ mark retreated on Finance Minister optimistic comments on inflation. In a lecture at the National University of Singapore, P. Chidambaram underscored that he expects annual headline inflation to moderate to near 5% on the back of reasonable price stability in some major commodities.
The partially convertible currency is currently trading at 62.86, weaker by 28 paise from its previous close of 62.58 on Wednesday. The currency has touched a high and low of 62.98 and 62.79 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.55 and for Euro it stood at 84.71 on November 20, 2013. While, the RBI’s reference rate for the Yen stood at 62.51, the reference rate for the Great Britain Pound (GBP) stood at 100.7747. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 20, 2013 | 62.55 | 100.7747 |
| November 19, 2013 | 62.23 | 100.1796 |
(RBI Reference Rate)
