The rupee depreciated against the dollar on Wednesday as oil importers demand offsets positive stocks. Local equities and selling of the U.S. currency by exporters, supported the rupee in the early trade but dollar’s gains against other currencies overseas, capped the gains. However investors were doubtful about near-term outlook for rupee on the back of weak macro outlook, global concerns. Meanwhile April PMI manufacturing data will be watched for the further clues.
The partially convertible currency is currently trading at 52.93, weaker by 39 paise from its previous close of 52.54 on Monday. It has touched a high and low of 52.96 and 52.60 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 52.51 and for Euro it stood at Rs 69.61 on April 30, 2012. While, the RBI's reference rate for the Yen stood at 65.64 the reference rate for the Great Britain Pound (GBP) stood at 85.4935. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
April 30, 2012 | 52.51 | 85.4935 |
April 27, 2012 | 52.68 | 85.1224 |
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