Indian rupee depreciated against dollar paring all yesterday’s gains seeing that local markets failed to attract capital inflows as global appetite to invest in risky assets remains low. However on Thursday central bank had warned exporters and banks with penal action if they violate any of its instructions on converting dollar funds into the domestic currency. This move has helped rupee to come out from record lows but lack of capital inflow and dollar gains against major Asian currencies put pressure on the rupee. Meanwhile euro continued to hover near 2-year lows against the dollar.
The partially convertible currency is currently trading at 55.71, weaker by 7 paise from its previous close of 55.64 on Thursday. It has touched a high and low of 56.07 and 55.67 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 56.29 and for Euro it stood at Rs 70.82 on May 24, 2012. While, the RBI's reference rate for the Yen stood at 70.81, the reference rate for the Great Britain Pound (GBP) stood at 88.2580. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
May 24, 2012 | 56.29 | 88.26 |
May 23, 2012 | 55.93 | 88.14 |
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