Indian rupee extended yesterday’s strength against American currency amid selling of dollars by exporter and on hopes of increased capital inflows subsequent to GAAR deferment. However potential of more capital inflows following Finance Minister Pranab Mukherjee’s deferring the General Anti-Avoidance Rules (GARR) by one year kept rupee’s sentiments firm. Poor performance of local equity markets limiting the rupee gains. Meanwhile, euro moved narrowed against the dollar and yen in Asia on Tuesday after bouncing off lows in New York as investors digested news of election defeats for French and Greek ruling parties.
The partially convertible currency is currently trading at 52.73, stronger by 18 paise from its previous close of 52.91 on Monday. It has touched a high and low of 52.86 and 52.68 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.34 and for Euro it stood at Rs 69.36 on May 7, 2012. While, the RBI's reference rate for the Yen stood at 66.87 the reference rate for the Great Britain Pound (GBP) stood at 86.0913. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
May 7, 2012 | 53.34 | 86.0913 |
May 4, 2012 | 53.72 | 86.9821 |
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