Indian rupee trading weak against dollar as increasing global oil prices bolstered demand for dollars from refiners. Oil prices held near a 10-month high in Asian trade as Iran tensions heightened supply concerns. However this oil prices expected to weight the rupee both on the inflation front as well as because of the country’s current-account deficit. Dollar inflows into stocks were continued but oil importers offsetting the inflows. Meanwhile traders expect Reserve Bank of India’s intervention after any sharp slide of the rupee beyond 49.50 as it has been actively intervening for the past few months.
The partially convertible currency is currently trading at 49.05, weaker by 12 paise from its previous close of 48.93 on Friday. It has touched a high and a low of 49.9800 and 48.9550 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 49.0650 and for Euro it stood at Rs 65.5701 on February 24, 2012. While, the RBI's reference rate for the Yen stood at 61.00 the reference rate for the Great Britain Pound (GBP) stood at 77.1891. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
February 24, 2012 | 49.07 | 77.1891 |
| February 23, 2012 | 49.25 | 76.7485 |
