Supported by positive local equity markets, Indian rupee hit over a one-week high on Thursday tracking dollar's weakness against euro. Dollar selling by exporters and increasing foreign fund inflow also supported the domestic currency. On Wednesday, Indian federal government eased rules governing overseas borrowing, to allow easier cheap dollar funding for local companies and to increase capital inflows. Meanwhile euro jumped to a seven-week high against dollar after the US Federal Reserve indicated it was leaning towards new economic stimulus measures, which also helped rupee to extend gains.
The partially convertible currency is currently trading at 55.16, stronger by 33 paise from its previous close of 55.49 on Wednesday. The currency, so far, has touched a high and low of 55.28 and 55.15 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.51 and for Euro it stood at Rs 69.14 on August 22, 2012. While, the RBI’s reference rate for the Yen stood at 70.01, the reference rate for the Great Britain Pound (GBP) stood at 87.5956. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
August 22, 2012 | 55.51 | 87.5956 |
August 21, 2012 | 55.50 | 87.3930 |