Indian rupee, after opening substantially weaker has recouped some of its early losses, however the underlying weakness prevailed on account of increased dollar demand by banks and importers. Further, weakness of local equities also was weighing on the sentiment, with traders looking ahead at the inflation data next week for a clearer direction. On the global front, dollar edged higher versus the yen on Tuesday, but was still struggling to recoup its losses from the previous day, when investors took aim at the greenback in the wake of disappointing U.S. data
The partially convertible currency is currently trading at 62.38, little changed from its previous close of 62.33 on Monday. The currency touched a high and low of 62.42 and 62.34 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.32 and for Euro stood at 84.61 on January 6, 2014. While, the RBI’s reference rate for the Yen stood at 59.73, the reference rate for the Great Britain Pound (GBP) stood at 101.9911. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 6, 2014 | 62.32 | 101.9911 |
| January 3, 2014 | 62.40 | 102.5355 |
