Supported by some foreign inflows into debt, Indian rupee was trading higher against dollar on Monday. However, inflows came after an auction on Friday of unused limits, which allowed foreign institutional investors to buy long-term government and corporate bonds offsetting the demand for dollars from oil importers. Investors expect more foreign capital inflows on budgetary proposal to allow overseas borrowings for more sectors. Poor performance of the local equity markets also limited the currency’s gains.
The partially convertible currency is currently trading at 50.14, stronger by 6 paise from its previous close of 50.20 on Friday. It has touched a high and a low of 50.16 and 50.08 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.3130 and for Euro it stood at Rs 65.8262 on March 16, 2012. While, the RBI's reference rate for the Yen stood at 60.28 the reference rate for the Great Britain Pound (GBP) stood at 79.0468. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
March 16, 2012 | 50.31 | 79.0468 |
March 15, 2012 | 50.22 | 78.6384 |
