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Rupee recuperates from seven week low’s to conclude strong on Wednesday

07 Mar 2012 Evaluate

Indian rupee recuperated from a seven week low level on Wednesday as recuperation in local equities in the last hour of the trade, brought needed respite. However, speculated RBI’s intervention also aided the Indian currency as the central bank reportedly sold dollars for preventing a further fall in rupee, which now has slid for four consecutive sessions. On the global front, euro hovered close to a three-week low against the dollar owing to the uncertainty about whether Greece would win sufficient support for a debt restructuring.

Finally the rupee ended at 50.27, stronger by 10 paise from its previous close of 50.37 on Tuesday. It has touched a high and a low of 50.75 and 50.24 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.5733 and for Euro it stood at Rs 66.4959 on March 7, 2012. While, the RBI's reference rate for the Yen stood at 62.63 the reference rate for the Great Britain Pound (GBP) stood at 79.5670. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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