Supported by dollar inflows, Indian rupee reversed yesterday’s losses and continues trading on a positive note on Tuesday amid volatile local stock markets and subdued risk appetite due to impasse over Greece bailout. Although, worries over the Greece bailout expected to put selling pressure on the rupee, however a sharp fall is unlikely as dollar flows into Asia's third largest economy are seen remaining strong. Meanwhile dollar's depreciation against major world currencies overseas also helped local currency to regain its position.
The partially convertible currency is currently trading at 48.98, stronger by 7 paise from its previous close of 49.05 on Monday. It has touched a high and a low of 49.0700 and 48.8950 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 48.6790 and for Euro it stood at 63.5678 on February 6, 2012. While, the RBI's reference rate for the Yen stood at 63.46 the reference rate for the Great Britain Pound (GBP) stood at 76.7522. The reference rates are based on 12 noon rates of a few select banks in Mumbai
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