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Rupee resumes its depreciating streak on Power Grid related outflows

17 Dec 2013 Evaluate

Indian rupee, after taking a breather in the previous trading session, resumed its declining streak on Tuesday, despite positive local equities, on account of outflows related to the unsubscribed portion of the Power Grid share sale. Nevertheless, prevailing caution ahead of Reserve Bank of India's meeting on Wednesday where it is likely to raise rates for the third time in four months and ahead of a key US Federal Reserve policy decision later this week, also weighed on the sentiments. In the global markets, euro held the upper hand on Tuesday after surprisingly strong euro zone manufacturing data, while uncertainty over when the Federal Reserve would start to trim its economic stimulus programme kept the dollar on the defensive.

The partially convertible currency is currently trading at 61.95, weaker by 21 paise from its previous close of 61.74 on Monday. The currency touched a high and low of 62.02 and 61.81 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.10 and for Euro stood at 85.42 on December 16, 2013. While, the RBI’s reference rate for the Yen stood at 60.40, the reference rate for the Great Britain Pound (GBP) stood at 101.2704. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 16, 201362.10101.2704
December 13, 201362.12101.5335
(RBI-Reference Rate)

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