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Rupee reclaims substantial ground to end sub 50 against dollar on Friday

09 Mar 2012 Evaluate

Indian rupee after ending past 50 against dollar in the previous session, concluded on a relatively stronger note on Friday owing to the improvement in global risk appetite, which was on account of signs of Greece moving closer to avert a default. Indian rupee tracing the triple digit spurt of local equities and stronger regional counterparts drew significant strength. However, losses of euro against the US currency in the overseas market provided a lid to the up move of the Indian currency. The euro fell on Friday as concern about peripheral debt and the low growth outlook outweighed relief at Greece successfully completing a bond swap that should avert a messy default.

Finally the rupee ended at 49.85, stronger by 42 paise from its previous close of 50.27 on Wednesday. It touched a high and a low of 50.03 and 49.83 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.0150 and for Euro it stood at Rs 66.1176 on March 9, 2012. While, the RBI's reference rate for the Yen stood at 61.31 the reference rate for the Great Britain Pound (GBP) stood at 79.0087. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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