The local currency again gained the momentum after yesterday’s lower closing due to increased foreign fund inflows. Euro's gains against the US currency in the overseas market and positive local shares also supported the rupee. The euro held near a two-month high, supported by hopes that Greece may soon agree to austerity steps, needed to secure a second bailout.
The partially convertible currency is currently trading at 49.05, stronger by 14 paise from its previous close of 49.19 on Tuesday. It has touched a high and a low of 49.24 and 48.99 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 48.9150 and for Euro it stood at 64.1188 on February 7, 2012. While, the RBI's reference rate for the Yen stood at 63.79 the reference rate for the Great Britain Pound (GBP) stood at 77.3053. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 7, 2012 | 48.9150 | 77.3053 |
| February 6, 2012 | 48.6790 | 76.7522 |
(RBI-Reference Rate)