Indian rupee prolonged its positive streak and touched 1-week high level as Ben Bernanke left the door open for more fiscal stimulus at the Jackson Hole conference. Local unit was also boosted by a government panel proposal to defer controversial rules for tax avoidance until 2016. Dollar selling by exporters with some banks and a weak trend in the American currency against other overseas markets also helped domestic currency to retain the gains. The euro steadied against the dollar on Monday, on hopes that U.S. Federal Reserve and the European Central Bank would soon take policy steps to revive their respective economies.
The partially convertible currency is currently trading at 55.46, stronger by 7 paise from its previous close of 55.53 on Friday. The currency, so far, has touched a high and low of 55.47 and 55.41 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.72and for Euro it stood at Rs 69.65 on August 31, 2012. While, the RBI’s reference rate for the Yen stood at 71.04, the reference rate for the Great Britain Pound (GBP) stood at 87.9508. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
August 31, 2012 | 55.72 | 87.9508 |
August 30, 2012 | 55.64 | 88.1027 |
(RBI-reference rate)