Indian rupee has once again lost its momentum and has turned weak against the US greenback on Thursday morning, as the local equity markets continue to reel under red tailing regional peers. The month end dollar demand by oil importers too was putting pressure on the rupee. Traders are expecting the currency to remain range-bound ahead of tomorrow’s GDP data and will watch corporate inflows for further cues.
The partially convertible currency is currently trading at 55.71, weaker by 10 paise from its previous close of 55.61 on Wednesday. The currency, so far, has touched a high and low of 55.74 and 55.68 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.66 and for Euro it stood at Rs 69.91 on August 29, 2012. While, the RBI’s reference rate for the Yen stood at 70.90, the reference rate for the Great Britain Pound (GBP) stood at 88.0458. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 29, 2012 | 55.66 | 88.0458 |
August 28, 2012 | 55.77 | 88.0424 |