Indian rupee, after depreciating substantially in the previous session, was trading strong on Friday as weak U.S. retail sales data raised some investors' expectations for a slower reduction in the U.S. Federal Reserve's monetary policy stimulus programme, thereby whetting global risk appetite for emerging markets’ assets, like equities and currencies. Gains of local equities ahead of Wholesale Price Index (WPI) data also were adding to the upside of the Indian currency. Headline inflation is expected to come at 5.5% against 6.6% in December, led by a decline in primary and fuel inflation. However, the local unit could reverse some of its gains later in the session on prevailing caution ahead of Interim Budget on Monday, wherein India's gross borrowing for 2014/15 to be in a range of Rs 6.1 trillion to Rs 6.4 trillion ($97.81billion to $102.62 billion). On the global front, U.S. dollar was pinned at three-week lows against a basket of major currencies on Friday after disappointingly soft U.S. data dealt a blow to the already struggling greenback.
The partially convertible currency is currently trading at 62.31, stronger by 13 paise from its previous close of 62.44 on Thursday. The currency touched a high and low of 62.36 and 62.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.27 and for Euro stood at 84.87 on February 13, 2014. While, the RBI’s reference rate for the Yen stood at 61.02, the reference rate for the Great Britain Pound (GBP) stood at 103.4658. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 13, 2014 | 62.27 | 103.4658 |
| February 12, 2014 | 62.12 | 102.2515 |
(RBI-Reference Rate)
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