Indian rupee, after pausing in previous session and getting a good start, continued trading in fine fettle against dollar on Tuesday ahead of January’s trade deficit data in the noon and Fed chair Yellen's testimony post market hours for near-term direction. Additionally, positive local equities were also adding to the optimism for Indian currency. However, the currency could reverse its gains going further in the session as some public sector banks may buy dollars for oil marketing companies (OMCs). On the global front, dollar eased to a two-week low against a basket of major currencies on Tuesday ahead of congressional testimony by new U.S. Federal Reserve chief Janet Yellen, while the Aussie dollar benefited from an upbeat business survey.
The partially convertible currency is currently trading at 62.37, stronger by 7 paise from its previous close of 62.44 on Monday. The currency touched a high and low of 62.44 and 62.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.19 and for Euro stood at 84.74 on February 10, 2014. While, the RBI’s reference rate for the Yen stood at 60.74, the reference rate for the Great Britain Pound (GBP) stood at 102.1396. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 10, 2014 | 62.19 | 102.1396 |
| February 7, 2014 | 62.31 | 101.7768 |
(RBI-Reference Rate)
