Indian rupee after scaling a new 3 month low in early deals on Friday has now retreated from the 52 per dollar psychological level, on probable RBI intervention. However, cut of losses in Indian equity markets, also has aided to recuperation sentiment of beleaguered Indian currency. Widening current account deficit, caused in large part by rising oil prices, slowing growth, and fears of a spillover from the festering euro zone debt crisis, mainly has curbed risk appetite for emerging markets currencies, including rupee, which for 4 out of 5 trading session of week, has traded weak.
However, speculators also fear rupee testing its mid-December record highs of 54.30, given the slew of domestic negatives and global economic woes. Moreover, the subdued trend of regional counterparts is also perturbing the momentum of Indian currency.
The partially convertible currency is currently trading at 52.01, stronger by 12 paise from its previous close of 52.13 on Thursday. It has touched a high and low of 8.05 and 6.00 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 51.89 and for Euro it stood at Rs 68.063 on April 19, 2012. While, the RBI's reference rate for the Yen stood at 63.65 the reference rate for the Great Britain Pound (GBP) stood at 83.1845. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
April 19, 2012 | 51.89 | 83.1845 |
April 18, 2012 | 51.50 | 81.9884 |
