Hurt by poor performance of the local share markets Indian rupee had opened lower in early trade on Monday following weak global economic conditions as poor economic data from the U.S. raised concerns about the financial situation in Europe. But rupee took u-turn and pared early losses and is currently trading positive against dollar as early intervention talk, coupled with Friday's administrative moves, suggested RBI's determination to support rupee. However dollar selling by corporate and foreign banks supported rupee.
The partially convertible currency is currently trading at 53.35, weaker by 9 paise from its previous close of 53.46 on Friday. It has touched a high and low of 53.75 and 53.32 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.72 and for Euro it stood at Rs 70.64 on May 4, 2012. While, the RBI's reference rate for the Yen stood at 67.01 the reference rate for the Great Britain Pound (GBP) stood at 86.9821. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
May 4, 2012 | 53.72 | 86.9821 |
May 3, 2012 | 53.23 | 86.1415 |
