Supported by higher opening in the domestic equity market Indian rupee gained against American currency on Monday following gains in Asian stocks and currencies as euro zone offered financial support to Spain’s banks. However selling of dollars by exporters and some banks also supported the rupee. Meanwhile investors are expecting central bank to cut interest rates on 18 June, which will provide some hope to faltering domestic economy. Rupee also gained some strength with the government’s announcement to revive domestic growth, which is expected to attract foreign investment.
The partially convertible currency is currently trading at 55.23, stronger by 24 paise from its previous close of 55.47 on Friday. It has touched a high and low of 55.32 and 55.08 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.36 and for Euro it stood at Rs 69.21 on June 8, 2012. While, the RBI’s reference rate for the Yen stood at 69.88, the reference rate for the Great Britain Pound (GBP) stood at 85.6398. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
June 8, 2012 | 55.36 | 85.6398 |
June 7, 2012 | 55.14 | 85.2219 |
