Indian rupee, extending its two days’ losing streak, depreciated in early deals on Friday, tailing the slump of local equities after November retail inflation jumped to nine months high level of 11.24% and as October Factory output data contracted by 1.8% against growth figure of 2% in previous month, bolstering hopes that RBI would hike key policy rates by 25 basis points in its upcoming monetary policy meet on December 18. Further, Indian currency, depreciating for third consecutive session slipped past 62/$ level after Reserve Bank of India's Governor Raghuram Rajan underscored that there was not much room to indulge in monetary policy accommodation, given the ascending inflation. Additionally, dollar demand from oil importers also weighed on the sentiment. Besides, dollar's strength against other Asian currencies overseas on speculation the US Federal Reserve may scale back its stimulus programme, also added to the downside of the currency.
The partially convertible currency is currently trading at 62.14, weaker by 31 paise from its previous close of 61.83 on Thursday. The currency touched a high and low of 62.18 and 62.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.62 and for Euro stood at 84.98 on December 12, 2013. While, the RBI’s reference rate for the Yen stood at 60.03, the reference rate for the Great Britain Pound (GBP) stood at 100.8350. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 12, 2013 | 61.62 | 100.8350 |
| December 11, 2013 | 61.33 | 100.7919 |
(RBI-Reference Rate)
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: