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Indian rupee ends stronger on robust capital inflows

22 Feb 2012 Evaluate

Indian rupee ended stronger on Wednesday despite the consolidation in the Indian equity markets as robust capital inflows counterbalanced the dollar demand from local oil importers and negative equities. Meanwhile, Prime Minister's Economic Advisory Council improved outlook for Indian economy, also provided additional prop up to the local unit. However, weaker-than-expected euro zone service sector data, which raised concerns about a possible recession in the region, besides dragging euro lower, trimmed some gains from the Indian currency.

Finally the rupee ended 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 49.30 and 49.17 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 49.24 and for Euro it stood at Rs 65.1638 on February 22, 2012. While, the RBI's reference rate for the Yen stood at 61.53 the reference rate for the Great Britain Pound (GBP) stood at 76.7485. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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