Indian rupee continued southward journey as a surge in global oil prices to their highest since 2008 triggered demand for dollars. Meanwhile seesawing stock market and muted foreign investor response to the government's share sale in state-run Oil and Natural Gas Corp also pressurize the local currency. However the euro was one of the major losers in Asia, having fallen to one-week lows against the dollar and other currencies in a move seen likely to continue after this week's massive cash injection by the European Central Bank.
The partially convertible currency is currently trading at 49.32, weaker by 10 paise from its previous close of 49.22 on Thursday. It has touched a high and a low of 49.36 and 49.19 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 49.1545 and for Euro it stood at Rs 65.5692 on March 1, 2012. While, the RBI's reference rate for the Yen stood at 60.67 the reference rate for the Great Britain Pound (GBP) stood at 78.2490. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
March 1, 2012 | 49.15 | 78.2490 |
| February 29, 2012 | 48.94 | 77.9529 |
