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Rupee cools off from seven week low level; trades sub 50 against dollar

09 Mar 2012 Evaluate

After ending past 50 against dollar in the previous session, Indian rupee has commenced on a relatively stronger note owing to the improvement in global risk appetite. This renewed vigor is apparent across local equities and regional counterparts. Meanwhile, euro's gains against the US currency in the overseas market also have supported the rupee. The euro held on to the bulk of the previous day's gains after Greece moved closer to securing fresh funds needed to avoid a messy debt default.

The partially convertible currency is currently trading at 49.92, stronger by 35 piase from its previous close of 50.27 on Wednesday. It has touched a high and a low of 50.02 and 49.89 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.

Date1US$1GBP

March 7, 2012

50.5779.5670

March 6, 2012

50.0379.3170
(RBI-Reference Rate)  

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