Tracking local equity markets’ weakness, Indian rupee depreciated against dollar on Tuesday on the back of increasing demand for the American currency. Meanwhile dollar weakness against euro and other currencies overseas restricted the local unit’s losses. Investors were waiting for Federal Reserve's upcoming monetary policy meeting, ahead of factory output data on Wednesday. The euro trading below a near four-month peak against the dollar ahead of a decision from Germany’s Constitutional Court on the legality of bailout funds.
The partially convertible currency is currently trading at 55.49, weaker by 4 paise from its previous close of 55.45 on Monday. The currency, so far, has touched a high and low of 55.49 and 55.44 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.33 and for Euro it stood at Rs 70.74 on September 10, 2012. While, the RBI’s reference rate for the Yen stood at 70.71, the reference rate for the Great Britain Pound (GBP) stood at 88.5037. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
September 10, 2012 | 55.33 | 88.5037 |
September 7, 2012 | 55.52 | 88.4926 |