Extending previous session’s loss, Indian rupee depreciated against dollar on Tuesday on continued demand for the American currency from importers for month end payments. Weakness in equity markets and US dollar’s firmness against other overseas currencies also pressurized local unit to an extent. Investors are still waiting for action from the government on a host of issues such as amending contentious taxation proposals on overseas investors and measures to attract foreign direct investments. Meanwhile, Euro still trading low against dollar.
The partially convertible currency is currently trading at 55.76, weaker by 7 paise from its previous close of 55.69 on Monday. The currency, so far, has touched a high and low of 55.88 and 55.74 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.59 and for Euro it stood at Rs 69.49 on August 27, 2012. While, the RBI’s reference rate for the Yen stood at 70.62, the reference rate for the Great Britain Pound (GBP) stood at 87.8703. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 27, 2012 | 55.59 | 87.8703 |
August 24, 2012 | 55.38 | 87.7971 |
(RBI-reference rate)