Tracking weaker euro Indian rupee depreciates against US currency on Thursday, as dollar boosted its gains as Federal Reserve Chairman Ben Bernanke acknowledged improvements in the U.S. economy, leading some investors to scale back expectations for more monetary easing. However negative equity markets and expected dollar demand from domestic oil refiners pressurizing local currency. Meanwhile a government share sale in Oil and Natural Gas Corp today is aiming to raise at least $2.5 billion and it is expected to attract foreign funds which should support the rupee.
The partially convertible currency is currently trading at 49.13, weaker by 11 paise from its previous close of 49.02 on Wednesday. It has touched a high and a low of 49.21 and 49.08 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 48.94 and for Euro it stood at Rs 65.93 on February 29, 2012. While, the RBI's reference rate for the Yen stood at 60.94 the reference rate for the Great Britain Pound (GBP) stood at 77.9529. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
February 29, 2012 | 48.94 | 77.9529 |
| February 28, 2012 | 49.14 | 77.8573 |
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