Tracking lower opening in the local equity markets, Indian rupee opened lower and is currently extending losses against dollar in the late morning session. However, the rupee losses were capped by inline gross domestic product (GDP) at 5.5% in the first quarter (April-June) of 2012-13 as against the consensus estimates of 5.3%. Euro's gains against the dollar also limited rupee’s losses. Increasing month-end dollar demand from oil importers pressurized the domestic unit to an extent. Investors now are waiting for monetary easing indications from US Federal Reserve and a key policy meeting by the European Central Bank on September 6.
The partially convertible currency is currently trading at 55.73, weaker by 10 paise from its previous close of 55.63 on Thursday. The currency, so far, has touched a high and low of 55.77 and 55.67 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.64 and for Euro it stood at Rs 69.83 on August 30, 2012. While, the RBI’s reference rate for the Yen stood at 70.78, the reference rate for the Great Britain Pound (GBP) stood at 88.1027. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 30, 2012 | 55.64 | 88.1027 |
August 29, 2012 | 55.66 | 88.0458 |
