Indian rupee has stabilized and is trading stronger against dollar in early deals after a flat start. Though, the Indian equity markets have made a soft start tailing the weakness in other global markets but the Dollar’s fall against other emerging market currencies has supported the rupee. Also, there is fund inflow hope with the start of the 2G telecom auction today. In the global markets, the euro was trading lower against the dollar after soft euro zone inflation data rekindled speculation the European Central Bank may ease policy to stave off deflation.
The partially convertible currency is currently trading at 62.61, stronger by 6 paise from its previous close of 62.67 on Friday. The currency touched a high and low of 62.71 and 62.56 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.47 and for Euro stood at 84.60 on January 31, 2014. While, the RBI’s reference rate for the Yen stood at 60.96, the reference rate for the Great Britain Pound (GBP) stood at 102.9493. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 31, 2014 | 62.47 | 102.9493 |
| January 30, 2014 | 62.73 | 103.8679 |
