Hurt by local equity markets weak opening, Indian rupee has come a new five month low paring earlier day’s gains amid increased capital outflows. Dollar gained against euro and other currencies overseas on renewed euro-zone worries which pressurized the rupee. Strong dollar demand from the exporters also affected local currency negatively. However the RBI is continuing with its efforts to cap the Indian currency’s losses as it has already spent more than $20 billion since the time it stepped into markets, including on Tuesday.
The partially convertible currency is currently trading at 54.19, weaker by 38 paise from its previous close of 53.81 on Tuesday. It has touched a high and low of 54.26 and 53.22 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.84 and for Euro it stood at Rs 69.17 on May 15, 2012. While, the RBI's reference rate for the Yen stood at 67.41 the reference rate for the Great Britain Pound (GBP) stood at 86.7201. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
May 15, 2012 | 53.84 | 86.72 |
May 14, 2012 | 53.71 | 86.34 |
