Tracking euro gains, Indian rupee extended early gains against US dollar amid fresh capital inflows into stocks. However, a weak opening in the domestic equity market and month-end dollar demand from oil importers limited the local currencies gains. Meanwhile, American currency remained weak because of rising speculation that the US Fed might resort to another round of financial stimulus. Investors are waiting for economic growth data for the April-June quarter which is to be announced on Friday, which will influence the currency’s movement.
The partially convertible currency is currently trading at 55.59, stronger by 8 paise from its previous close of 55.67 on Tuesday. The currency, so far, has touched a high and low of 55.65 and 55.69 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.77 and for Euro it stood at Rs 69.62 on August 28, 2012. While, the RBI’s reference rate for the Yen stood at 71.01, the reference rate for the Great Britain Pound (GBP) stood at 88.0424. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 28, 2012 | 55.77 | 88.0424 |
August 27, 2012 | 55.59 | 87.8703 |