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Indian rupee bounces back on dollar selling by exporters

21 Mar 2014 Evaluate

Indian rupee has made a good bounce back on Friday morning after falling to its two months low in last session after US Federal Reserve chief Janet Yellen indicated an earlier-than-expected end to the policy providing easy liquidity. The domestic currency has gained strength with increased selling of the US greenback by exporters and banks. On the same time, the higher opening in the domestic equity market and strengthening of the euro and yen against the dollar overseas too has supported the rupee. In the global markets the dollar rose to a three-week high against other major currencies on Thursday.

The partially convertible currency is currently trading at 61.07, stronger by 27 paise from its previous close of 61.34 on Thursday. The currency touched a high and low of 61.15 and 60.98 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.13 and for Euro stood at 84.59 on March 20, 2014. While, the RBI’s reference rate for the Yen stood at 59.76, the reference rate for the Great Britain Pound (GBP) stood at 101.1718. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

Date1US$1GBP
March 20, 201461.13 101.1718
March 19, 201461.09 101.4149

(RBI-Reference rate)

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