Indian rupee, after making a flat start, was treading water on Wednesday in absence of substantial positive catalyst which could provide some impetus to the local currency. Heavy dollar buying by some state-run banks, likely to meet month-end importer requirements ahead of a holiday, mainly weighed on the sentiment of Indian currency. Nevertheless, positive local equities restricted the fall of local unit. Meanwhile, forex market will be shut for trade on Thursday, i.e. February 27,2014, on account of Mahashivratri. On the global front, the yen was broadly firmer in early trade following a generally lackluster session that saw investors give the dollar a wide berth on the back of a decline in US treasury yields.
The partially convertible currency is currently trading at 61.91, little changed from its previous close of 61.95 on Tuesday. The currency touched a high and low of 62.02 and 61.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.97 and for Euro stood at 85.14 on February 25, 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 103.3086. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 25, 2014 | 61.97 | 103.3086 |
| February 24, 2014 | 62.11 | 103.3838 |
(RBI-Reference rate)
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