Driven by continued capital inflows into stocks and debt Indian rupee appreciated against American currency on Wednesday despite of poor performance of the local equity markets. Demand for dollars from oil importers also restricted the rupee gains as oil import payments peak towards the end of a month. However since the start of January foreign funds have invested over $8 billion in Indian stocks and debt, according to the Securities and Exchange Board of India.
The partially convertible currency is currently trading at 49.24, stronger by 6 paise from its previous close of 49.30 on Tuesday. It has touched a high and a low of 49.2700 and 49.1850 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 49.08 and for Euro it stood at Rs 65.1705 on February 21, 2012. While, the RBI's reference rate for the Yen stood at 61.52 the reference rate for the Great Britain Pound (GBP) stood at 77.7973. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
February 21, 2012 | 49.08 | 77.7973 |
| February 17, 2012 | 49.21 | 77.7513 |
