Indian rupee, besides resuming its four day gaining streak in early deals on Friday, was trading at its eight month high level, i.e. near crucial 60/$ mark -previously seen on July 30, 2013 on hopes for continued foreign investor inflows that have sent domestic shares to a string of record highs. However, further gains in the rupee could be capped given anticipated dollar demand from importers to meet month-end commitments. Additionally, the currency’s gains also could be limited as Reserve Bank of India may continue to buy the U.S. currency to build up its foreign exchange reserves. On the global front, euro struggled near a three-week low against the dollar on Friday, weighed by recent dovish talk from several European Central Bank (ECB) officials.
The partially convertible currency is currently trading at 60.05, stronger by 27 paise from its previous close of 60.32 on Thursday. The currency touched a high and low of 60.18 and 60.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.12 and for Euro stood at 82.90 on March 27, 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 99.6466. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 27, 2014 | 60.12 | 99.6466 |
| March 26, 2014 | 60.17 | 99.3929 |
(RBI-Reference rate)
