Indian rupee pared early gains on Friday affected by dollar demand from oil refiners and importers, as oil is India's biggest import and refiners are the largest buyers of dollars in the domestic currency market with their demand tending to peak towards month-end when they make payments. However investors marked profits from the rise in emerging Asian currencies before the Lunar New year holidays next week. Meanwhile Local currency has risen 2.5% against the dollar so far this week and if that is maintained then rupee will have its largest weekly gain since the last week of October.
The partially convertible rupee is currently trading at 50.33, weaker by 8 paise from its previous close of 50.25 on Thursday. It has touched a high and a low of 50.36 and 50.17 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 50.2890 and for Euro it stood at 64.6664 on January 19, 2012. While, the RBI's reference rate for the Yen stood at 65.53 and the reference rate for the Great Britain Pound (GBP) stood at 77.6010. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 19, 2012 | 50.2890 | 77.6010 |
| January 18, 2012 | 50.6655 | 77.7209 |
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