Indian rupee erased early gains after opening higher against dollar on Monday, ahead of policy announcements from the Reserve Bank of India (RBI) and the European Central Bank (ECB) this week. Higher opening in the equity market supported the local unit in the early morning session. However, dollar demand from importers for month end payments dragged rupee down in the negative territory. Meanwhile, euro weakened on Monday following gains late last week on the back of comments from European officials who vowed to support the embattled common currency.
The partially convertible currency is currently trading at 55.43, weaker by 8 paise from its previous close of 55.35 on Friday. It has touched a high and low of 55.44 and 55.20 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.41 and for Euro it stood at Rs 68.10 on July 27, 2012. While, the RBI’s reference rate for the Yen stood at 70.84, the reference rate for the Great Britain Pound (GBP) stood at 86.9319. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
July 27, 2012 | 55.41 | 86.9319 |
July 26, 2012 | 55.94 | 86.5572 |
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