Indian rupee, after taking a breather in the previous trading session, resumed its appreciating streak on Wednesday on account of persistent dollar sales by exporters. Further, corporate dollar inflows reportedly on account of Mylan Inc's purchase of a unit of Strides Arcolab, for a deal valued at $1.6 billion, has kept the momentum positive for Indian currency against the backdrop of negative local equities. Additionally, dollar’s weakness against the basket of major currencies also is aiding the sentiment. However, month end dollar demand from oil importers is seen limiting the uptrend of Indian currency. In the global market, the dollar wallowed at one-week lows against a basket of major currencies on Wednesday, undermined by lower Treasury yields after a batch of data failed to sway markets one way or the other over when the Federal Reserve will scale back stimulus.
The partially convertible currency is currently trading at 62.31, stronger by 20 paise from its previous close of 62.51 on Tuesday. The currency has touched a high and low of 62.45 and 62.26 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.44 and for Euro stood at 84.50 on November 26, 2013. While, the RBI’s reference rate for the Yen stood at 61.51, the reference rate for the Great Britain Pound (GBP) stood at 100.8644. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 26, 2013 | 62.44 | 100.8644 |
| November 25, 2013 | 62.57 | 101.4248 |
(RBI Reference Rate)
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