Indian rupee, after getting off to a weak start and languishing thereafter, continues to trade weak near a week’s low level on Friday on prevailing risk off sentiment as tensions in Ukraine flared up and weak China data that renewed concerns about global growth, weighed on all the emerging market’s currencies, including rupee. The local unit after taking a breather in previous trading session resumed two consecutive sessions’ losing streak on incremental dollar demand from banks and oil importers. Meanwhile, negative local equities ahead of the release of February WPI data, also added to negative milieu. After easing retail inflation, expectations are that wholesale inflation too could soften further from 8-month lows touched in January to below 5 percent.
The partially convertible currency is currently trading at 61.54, weaker by 36 paise from its previous close of 61.18 on Thursday. The currency touched a high and low of 61.54 and 61.42 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.01 and for Euro stood at 85.02 on March 13, 2014. While, the RBI’s reference rate for the Yen stood at 59.46, the reference rate for the Great Britain Pound (GBP) stood at 101.6518. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 13, 2014 | 61.01 | 101.6518 |
| March 12, 2014 | 61.09 | 101.5927 |
(RBI-Reference rate)
