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Rupee rises amid improved outlook on foreign inflows

13 Mar 2012 Evaluate

Supported by gains in local stocks Indian rupee rose against dollar on Tuesday with improved outlook on foreign inflows. However pressure on the dollar before the U.S. Federal Reserves’ policy statement is also seen aiding the local currency. Meanwhile unexpectedly strong January industrial output numbers along with record high car sales in February have cheered up outlook on foreign inflows. Oil importers demand for dollar is capping the rupee gains. Investors hopes that downside on rupee will be limited as the Reserve Bank of India is most likely to shore up the currency. 

The partially convertible currency is currently trading at 49.87, stronger by 9 paise from its previous close of 49.96 on Monday. It has touched a high and a low of 49.94 and 49.79 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 49.9448 and for Euro it stood at Rs 65.3999 on March 12, 2012. While, the RBI's reference rate for the Yen stood at 61.72 the reference rate for the Great Britain Pound (GBP) stood at 78.2535. The reference rates are based on 12 noon rates of a few select banks in Mumbai. 

Date1US$1GBP

March 12, 2012

49.9578.2535

March 9, 2012

50.0279.0087
(RBI-Reference Rate)  

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