Bouncing off from day’s high, Indian rupee has strengthened for third consecutive session in backdrop of dwindling crude oil prices, which plummeting to 16 months low level, were seen oscillating near $97 mark. Sapped demand of American greenback from oil importers was weighed against bleak global set-up in light of weak U.S. non-farm payrolls and Chinese non-manufacturing PMI. Meanwhile, recuperation of Indian equities, from day’s low level, too offered solace to the beleaguered Indian currency. On the global front, euro edged back towards a two-year low as concerns over the euro zone and sluggish global growth doused hopes for more fiscal stimulus in the wake of a grim U.S. jobs report.
The partially convertible currency is currently trading at 55.48, stronger by 13 paise from its previous close of 55.61 on Friday. It has touched a high and low of 55.58 and 55.20 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.91 and for Euro it stood at Rs 69.12 on June 1, 2012. While, the RBI’s reference rate for the Yen stood at 71.29, the reference rate for the Great Britain Pound (GBP) stood at 86.0347. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
June 1, 2012 | 55.91 | 86.0347 |
May 31, 2012 | 56.42 | 87.38 |
