Indian rupee trading higher against US currency on Wednesday supported by foreign inflows into local stocks amid strong economic data from Europe and the United States boosted global risk hunger. However, dollar demand from local oil refiners is limiting the rise. Dollar has been underpinned by the sanguine US data and the Fed’s better economic outlook, as these have diminished chances of further US monetary easing, also restricting rupee’s gains. Meanwhile, expectation of a reduction in lending rate by the Reserve Bank of India had diminished after February inflation came at 6.95%.
The partially convertible currency is currently trading at 49.91, stronger by 1 paisa from its previous close of 49.92 on Tuesday. It has touched a high and a low of 49.95 and 49.84 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.
| Date | 1US$ | 1GBP |
March 13, 2012 | 49.85 | 77.9675 |
March 12, 2012 | 49.95 | 78.2535 |
(RBI-Reference Rate)
