Supported by firm local equity markets, Indian rupee opened higher, as dollar weakened against other overseas currencies. Euro increased against the American currency overseas as Greece's two main pro-bailout parties clinched enough votes to form a government, supported the rupee to a great extent. Meanwhile, central bank decided to keep the repo rate and the CRR unchanged in its mid-quarter policy review. Central bank left repo rate unchanged at 8% and cash reserve ratio at 4.75%. Rupee along with domestic shares shifted below neutral line as the move of central bank was against market expectation. Slowing growth looked-for at least a 50-basis-point rate cut but Inflation remains a concern.
The partially convertible currency is currently trading at 55.61, weaker by 11 paise from its previous close of 55.50 on Friday. It has touched a high and low of 55.61 and 55.34 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.76 and for Euro it stood at Rs 70.44 on June 15, 2012. While, the RBI’s reference rate for the Yen stood at 70.69, the reference rate for the Great Britain Pound (GBP) stood at 86.6892. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
June 15, 2012 | 55.76 | 86.6892 |
June 14, 2012 | 55.79 | 86.3719 |
