Indian rupee, after opening weak, is trading near two-week low on account of increased dollar demand from banks and oil importers in light of strength of dollar in the overseas market. Additionally, massive losses of local equities for third consecutive session is also weighing on the sentiment of Indian currency, which has lost 0.95% since beginning of the year against the dollar and is the biggest loser among Asian currencies. However, the currency lost further ground even as Prime Minister, Manmohan Singh, highlighted that the economy was set for better times. Further, he added that all emerging economies, including India, faced slowdown in the past couple of years but the global growth cycle is turning for the better. On the global front, the dollar held steady near a two-week high versus a basket of currencies on Friday after positive US economic data reinforced expectations the Federal Reserve will continue to step away from its bond buying stimulus.
The partially convertible currency is currently trading at 62.42, weaker by 16 paise from its previous close of 62.26 on Thursday. The currency touched a high and low of 62.46 and 62.31 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.90 and for Euro stood at 85.15 on January 2, 2014. While, the RBI’s reference rate for the Yen stood at 58.79, the reference rate for the Great Britain Pound (GBP) stood at 102.7418. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 2, 2014 | 61.90 | 102.7418 |
| January 1, 2014 | 61.93 | 102.3885 |
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