Rupee strikes a two month high tailing euro

04 Jul 2011 Evaluate

Rupee is currently trading near its two month high level tracking the gains of the euro and positive local equities. Meanwhile, persistent selling of dollars by banks and exporters in view of sustained capital inflows from foreign funds is also aiding the sentiment for the domestic unit. The euro stroke a two-month high against the dollar on Monday supported by diminishing worries about Greece, with stop-loss buying helping the single currency add to the hefty gains made over the past week. Euro zone finance ministers on Saturday approved a 12 billion euro installment of Greece's bailout and said details of a second aid package for Athens would be finalised by mid-September.

The partially convertible Rupee is currently trading at 44.46, stronger by 12 piase from its previous close of 44.58 on Friday. It has touched a high and low of 44.5000 and 44.4500 respectively. The Reserve Bank of India's reference rate for the Dollar stood at 44.58 and for Euro it stood at 64.80 on July 01, 2011. While, the RBI's reference rate for the Yen stood at 55.33 and the reference rate for the Great Britain Pound (GBP) stood at 71.7514. The reference rates are based on 12 noon rates of a few select banks in Mumbai.