Indian rupee is consolidating on Thursday morning after surging to its more than eight months high in last session. There was some report of speculated RBI intervention, buying dollar through the state run banks, preventing the currency from gaining much further. The RBI has long been expected to start buying dollars when the rupee strengthens to add to foreign exchange reserves. Dollar buying by oil marketing companies to meet their month end demand, too was weighing down the rupee. Though, the domestic currency is in a bit somber mood but there have been consistent dollar inflows into the local equities market, supporting the currency. In the global markets, the yen rose to a one-week high versus the dollar amid concern Western nations will boost pressure on Russia, while the pound strengthened the most in six weeks against the euro.
The partially convertible currency is currently trading at 60.22, weaker by 6 paise from its previous close of 60.16 on Wednesday. The currency touched a high and low of 60.26 and 60.17 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.17 and for Euro stood at 83.09 on March 26, 2014. While, the RBI’s reference rate for the Yen stood at 58.81, the reference rate for the Great Britain Pound (GBP) stood at 99.3929. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 26, 2014 | 60.17 | 99.3929 |
| March 25, 2014 | 60.49 | 99.7719 |
