Hurt by a huge dollar demand from importers Indian rupee hits lowest level in more than two months against dollar on Thursday. Meanwhile dollar strengthening against euro and other currencies and a subdued start in the stock market mainly pressurized the rupee. The wobbly global risk appetite due to increasing worries about global situation following weak Chinese PMI data affected rupee in a large extend. However investors were expecting possible intervention by the central bank to shore up the local currency and awaiting manufacturing data from China and the euro zone for more clues on the global economy.
The partially convertible currency is currently trading at 50.88, weaker by 24 paise from its previous close of 50.64 on Wednesday. It has touched a high and a low of 50.90 and 50.77 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.5935 and for Euro it stood at Rs 67.1366 on March 21, 2012. While, the RBI's reference rate for the Yen stood at 60.44 the reference rate for the Great Britain Pound (GBP) stood at 80.3425. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
March 21, 2012 | 50.59 | 80.3425 |
March 20, 2012 | 50.25 | 79.7639 |
