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Rupee trades near week-low levels on Thursday

20 Feb 2014 Evaluate

Indian rupee, after making a weak start, and later recouping substantial ground, was however trading near week-low levels on Thursday on reduced global risk appetite after the U.S. Federal Reserve's latest policy meeting showed it remained on track to taper its stimulus despite a recent spate of downbeat U.S. economic data. Additionally, increased dollar demand combined with weakness of local equities also was weighing on the sentiment of Indian currency.  On the global front, dollar dipped and its Australian counterpart skidded on Thursday after a disappointing China survey rekindled concerns about emerging market economies and buoyed currencies such as the yen.

The partially convertible currency is currently trading at 62.31, weaker by 9 paise from its previous close of 62.22 on Tuesday. The currency touched a high and low of 62.44 and 62.23 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.12 and for Euro stood at 85.16 on February 18, 2014. While, the RBI’s reference rate for the Yen stood at 60.51, the reference rate for the Great Britain Pound (GBP) stood at 103.9301. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
February 18, 201462.12 103.9301
February 17, 201461.94 104.0194
(RBI-Reference rate)

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