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Rupee rebounds against dollar on higher euro

26 Jul 2012 Evaluate

Snapping four sessions of losses, Indian rupee opened higher against dollar on Thursday, following euro’s gains against US currency. Investors are still hopeful for new European policy measures to keep the euro zone debt woes from deepening. Weakness of American unit against euro and other currencies overseas also supported rupee to an extent. Dollar selling by exporters added further gains to local currency. Meanwhile, euro climbed against dollar on comments by European Central Bank policymaker Ewald Nowotny that the region's rescue fund could expand its lending power.

The partially convertible currency is currently trading at 55.99, stronger by 17 paise from its previous close of 56.16 on Wednesday. It has touched a high and low of 56.11 and 55.96 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 56.37 and for Euro it stood at Rs 68.04 on July 25, 2012. While, the RBI’s reference rate for the Yen stood at 72.12, the reference rate for the Great Britain Pound (GBP) stood at 87.4440. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

July 25, 2012

56.37 87.4440

July 24, 2012

56.0186.8905
(RBI-reference rate) 

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