Indian rupee reversed yesterday’s losses and currently trading marginally higher against American currency tracking dollar’s weakness against other overseas currencies. Firm opening of domestic equity markets and dollar selling by exporters and banks also supported the local unit. Investors were stilled concerned about increasing crude prices, which will widen the current- account deficit of the nation. Meanwhile, euro held most of its previous session’s gains on Friday, strengthened by prospects for impending action to stem Europe's more than two-year old debt crisis.
The partially convertible currency is currently trading at 55.74, stronger by 5 paise from its previous close of 55.79 on Thursday. The currency, so far, has touched a high and low of 55.78 and 55.67 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.98 and for Euro it stood at Rs 68.68 on August 16, 2012. While, the RBI’s reference rate for the Yen stood at 70.64, the reference rate for the Great Britain Pound (GBP) stood at 87.5500. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 16, 2012 | 55.98 | 87.5500 |
August 14, 2012 | 55.64 | 87.3102 |
(RBI-reference rate)