Indian rupee after striking a week high level concluded tad stronger on Tuesday on the back of robust gains of local shares amidst stronger regional counter parts. However, dollar demand from oil importers mainly sucked rupee’s gains. Oil is India's largest import item and oil refiners are the largest buyers of dollars in the local market. The greenback hovered near a seven-week high versus a basket of currencies on Tuesday, supported by expectations that a US economic revival will keep the Federal Reserve from resorting to fresh stimulus. Meanwhile, weakness of euro also played spoil sport for Indian currency. The common currency smarted from fears that European debt crisis could worsen, despite Greece's success in securing a debt-cutting swap deal.
Finally the rupee ended at 49.92, stronger by 4 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 49.8450 and for Euro it stood at Rs 65.6151 on March 13, 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 77.9675. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: