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Rupee trades weak tailing weak domestic equities

13 Jun 2011 Evaluate

Indian rupee is trading weak tailing the weak domestic equities and Asian currencies. Though a weaker dollar overseas has prevented downside of the currency. Meanwhile, the domestic currency is expected to showcase some bullish trend in the coming days on the back of advance tax payments which would be starting from this week. On the global front, the euro edged up against the dollar on Monday on short covering following its slide on European haggling over a second Greek bailout and reduced expectations for euro zone rate hikes.

The partially convertible Rupee is currently trading at 44.85/86, weaker by 14 paise from its previous close of 44.71 on Friday. It has touched a high and low of 44.88 and 44.84 respectively. The Reserve Bank of India's reference rate for the US dollar stood at 44.72 and for Euro it stood at 64.72 on June 10, 2011. While, the RBI's reference rate for the Yen stood at 55.83 and the reference rate for the Great Britain Pound (GBP) stood at 72.9271. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 10, 201144.72

72.9271

June 9, 201144.72 73.4705

RBI-Reference rate

 

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