Indian rupee is trading steady after eight back to back sessions of slide on Friday. Indian currency though commenced higher tailing positive regional counterparts and positive local equities but soon lost its ground owing to the persistent dollar demand from the oil companies for import payments amidst dollar strength overseas. Favorable jobless claims data from the US eased concerns with respect to global economic recovery yesterday has mainly boosted the risk appetite of the investor’s around the globe. Meanwhile, local currency also pared substantial gains post local equities flipped to red. Indian stock indices slipped to the day's low in early afternoon trade, notwithstanding a better-than-expected industrial production data amid fears that the strong reading on IIP could prompt the RBI to go for at least one more rate hike. Meanwhile, India’s annual industrial output grew 8.8% in June as compared to a nine-month low of 5.6% in May, much above the estimates as experts had indicated a growth of only 5.5%. On the global front, the dollar maintained a generally firm tone in Asian trading while the euro trended lower Friday, with Japan's summer holiday period cutting into volume.
The partially convertible currency is currently trading at 45.38 almost steady to its previous close of 45.39 on Thursday. It touched a high and low of 45.369 and 45.26 respectively. The Reserve Bank of India's reference rate for the dollar stood at 45.27 and for Euro it stood at 64.58 on August 10, 2011. While, the RBI's reference rate for the Yen stood at 59.11 and the reference rate for the Great Britain Pound (GBP) stood at 73.3350. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| August 11,2011 | 45.27 | 73.3350 |
| August 10,2011 | 45.20 | 73.5092 |
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