Rupee recovers against British pound, back below 100 level

The British pound today slipped below the 100 level against the rupee, as the Indian currency continued to appreciate for the fifth straight trading session.

The rupee had first slipped below the 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, the Indian currency started recovering last week after new Reserve Bank of India governor Raghuram Rajan announced a host of measures, including steps to boost the rupee and revive economic growth.

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

The rupee settled at 63.38 against the US dollar, a rise of 46 paise from yesterday's closing.

Forex dealers said the Indian currency has started recovering after Mr. 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.