Indian rupee depreciated against dollar on Wednesday due to strengthening of the American currency overseas ahead of a European Central Bank meeting. The European Central Bank’s Governing Council will decide tomorrow on a bond-buying proposal that President Mario Draghi says is necessary to ensure the euro’s survival. Weak opening in the stock market and increased demand for the U.S. currency also pressurized local unit to an extent. Meanwhile, euro was also trading down on the back of risk adverse sentiment regionally.
The partially convertible currency is currently trading at 55.89, weaker by 23 paise from its previous close of 55.66 on Tuesday. The currency, so far, has touched a high and low of 55.99 and 55.79 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.53 and for Euro it stood at Rs 70.01 on September 04, 2012. While, the RBI’s reference rate for the Yen stood at 70.85, the reference rate for the Great Britain Pound (GBP) stood at 88.2300. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 4, 2012 | 55.53 | 88.2300 |
September 3, 2012 | 55.45 | 87.9833 |
(RBI-reference rate)
