The Indian rupee continued southward journey against American currency on Thursday amid strong dollar demand from importers. Investors are seen waiting for RBI intervention as the rupee nears the 52 level mark. However, the RBI is facing a widening current account deficit as well as market concerns about liquidity, potentially constraining any future moves to sell dollars. Meanwhile euro traded in a tight range against the U.S. dollar as most traders were content to sit on the sidelines ahead of the outcome of the Spanish debt auction.
The partially convertible currency is currently trading at 51.87, weaker by 10 paise from its previous close of 51.77, on Wednesday. It has touched a high and a low of 51.94 and 51.83 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 51.50 and for Euro it stood at Rs 67.54 on April 18, 2012. While, the RBI's reference rate for the Yen stood at 63.31 the reference rate for the Great Britain Pound (GBP) stood at 81.9884. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
April 18, 2012 | 51.50 | 81.9884 |
April 17, 2012 | 51.62 | 81.9390 |
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