Indian rupee, despite retreating from the psychological 60$ level, its highest since April 9, was trading stronger against dollar on Thursday, tracking gains in the domestic share market. However, losses in other Asian currencies and the dollar's gains versus the euro limited the further uptrend of Indian currency. Meanwhile, prevailing caution ahead of the outcome of the national elections next week was also keeping the local unit’s gains in check. On the global front, dollar rose broadly on Wednesday after traders removed short positions against the US currency on the view that persistently dovish comments from the Federal Reserve have become less effective in weakening the dollar.
The partially convertible currency is currently trading at 60.01, stronger by 13 paise from its previous close of 60.14 on Wednesday. The currency touched a high and low of 60.05 and 59.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.03 and for Euro stood at 83.58 on May 07, 2014. While, the RBI’s reference rate for the Yen stood at 59.17, the reference rate for the Great Britain Pound (GBP) stood at 101.9658. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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