Hurt by volatile local equity markets, Indian rupee pared all its early gains against American currency on the back of increasing dollar demand from oil importers. Rupee opened higher against dollar on Wednesday, following euro's strength after the Federal Reserve chief said the central bank would support the US economy if needed. Meanwhile, investors were still looking at cues for further monetary stimulus measures in the two-day Congressional testimony of the US Federal Reserve Chairman. However India's trade deficit widened to $180 billion for the full year ending in April.
The partially convertible currency is currently trading at 55.34, weaker by 22 paise from its previous close of 55.12 on Tuesday. It has touched a high and low of 55.34 and 55.02 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.14 and for Euro it stood at Rs 67.7260 on July 17, 2012. While, the RBI’s reference rate for the Yen stood at 69.88, the reference rate for the Great Britain Pound (GBP) stood at 86.2972. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
July 17, 2012 | 55.14 | 86.2972 |
July 16, 2012 | 54.91 | 85.4689 |
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