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Rupee pares early gains; trades strong against dollar

31 Jan 2014 Evaluate

Indian rupee, after getting a good start, pared some of its early, however was still trading stronger against dollar on Friday, tailing the slender gains of local equities. Additionally, dollar’s weakness versus other Asian currencies, also aided sentiment. However, month-end dollar demand from banks and oil importers restricted the further upside of the currency. On the global front, U.S. dollar traded at one-week highs against a basket of major currencies early on Friday, having been swept higher as investors took aim at the euro in a volatile end to a very choppy month.

The partially convertible currency is currently trading at 62.48, stronger by 9 paise from its previous close of 62.57 on Thursday. The currency touched a high and low of 62.50 and 62.36 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.73 and for Euro stood at 85.60 on January 30, 2014. While, the RBI’s reference rate for the Yen stood at 61.22, the reference rate for the Great Britain Pound (GBP) stood at 103.8679. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 30, 201462.73 103.8679
January 29, 201462.20103.1160

(RBI-Reference Rate)

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