British pound finally slips below 100-level against Indian rupee today

Written by Press Trust of India | Updated: Sep 12 2013, 03:19am hrs
RupeeThis is Indian rupee's first closing above 100 mark against pound since August 20. Reuters
The British pound today slipped below 100 level against the Indian rupee, as the Indian currency continued to appreciate for the fifth straight trading session.

Indian rupee had first slipped below 100 level against the pound for the first time on August 20 and had went on to touch an all time low of 106 on August 28.

However, Indian currency started recovering last week after new RBI Governor Raghuram Rajan announced a host of measures, including steps to boost the Indian rupee and revive economic growth.

Continuing its upward move, Indian rupee today touched an intra-day high of 98.99 and ended the day at 99.95, its first closing above 100 mark against pound since August 20.

Rupee settled at 63.38 against the US dollar, a rise of 46 paise from the yesterday's closing, in the Interbank Foreign Exchange (Forex) market.

Forex dealers said that Indian currency have started recovering after Raghuram Rajan took over as the RBI chief and announced a slew of measures to attract capital flows and boost economic growth.

Also, factors such as easing tensions in Syria and positive news about India's trade deficit situation and improvement in car sales in August also helped in the appreciation of rupee, they added.

Besides, US jobs data on Friday fell short of expectations, leading to speculation that the tapering of the US Federal Reserve's bond-buying programme would be delayed. PTI SP BJ RAH 09111855