Subsequent to higher opening in the morning trade, Indian rupee pared all the gains and currently depreciated against dollar as Reserve Bank of India (RBI) kept key rates unchanged. The RBI left interest rates unchanged citing inflationary pressures, but slashed the statutory liquidity ratio (SLR) by a percentage point to 23% to increase the flow of credit to industry. Heavy month-end dollar demand from oil importers also pressurized local unit to an extent. Meanwhile, euro edged higher against the dollar on Tuesday but stayed off a recent three-week high, ahead of the European Central Bank meets on August 2, 2012.
The partially convertible currency is currently trading at 55.71, weaker by 10 paise from its previous close of 55.61 on Monday. It has touched a high and low of 55.72 and 55.43 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.44 and for Euro it stood at Rs 68.14 on July 30, 2012. While, the RBI’s reference rate for the Yen stood at 70.74, the reference rate for the Great Britain Pound (GBP) stood at 87.1228. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
July 30, 2012 | 55.44 | 87.1228 |
July 27, 2012 | 55.41 | 86.9319 |
(RBI-reference rate)
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