Indian rupee fell against dollar in the late morning session on Thursday as oil companies increased the demand for greenback to pay for imports. The rupee opened slightly higher against dollar on reports that the ECB, in its meeting today, is likely to announce buying of unlimited amounts of short-term sovereign bonds to cap the surging borrowing costs in euro zone states reeling under debt crisis. Weakness in domestic equity markets also pressurized local unit to an extent. Meanwhile, euro was well-bid against American currency, with speculators wary of holding onto short positions.
The partially convertible currency is currently trading at 55.98, weaker by 7 paise from its previous close of 55.91 on Wednesday. The currency, so far, has touched a high and low of 56.03 and 55.84 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.89 and for Euro it stood at Rs 70.02 on September 05, 2012. While, the RBI’s reference rate for the Yen stood at 71.33, the reference rate for the Great Britain Pound (GBP) stood at 88.6271. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 5, 2012 | 55.89 | 88.6271 |
September 4, 2012 | 55.53 | 88.2300 |