Indian rupee, after making a good start, has lost ground and is currently trading weak against dollar on Thursday on bouts of dollar demand from importers on the back of bullish US currency overseas. However, sharp depreciation of Indian currency has been limited on account of good macro-economic data. In a double delight, India’s consumer price inflation eased to another all time low level since the launch of the new series of Consumer Price Index in 2012, at 5.52% in October as compared to 6.46% in September, while India’s annual industrial output growth, measured by index of industrial production (IIP), expanded more than expected at 2.5% in September after posting growth of 0.5% in August. On the global front, dollar took time out from its rally against the yen and euro on Thursday as traders awaited Chinese and U.S. data for fresh catalysts, while the Australian dollar slid after a central bank official said an intervention on the currency has not been ruled out.
The partially convertible currency is currently trading at 61.54, little weak from its previous close of 61.52 on Wednesday. The currency touched a high and low of 61.57 and 61.48 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.47 and for Euro stood at 76.78 on November 12, 2014. While, the RBI’s reference rate for the Yen stood at 53.43, the reference rate for the Great Britain Pound (GBP) stood at 97.9230. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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