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Rupee hits fresh high against dollar

04 Oct 2012 Evaluate

Tracking strong local equity markets, Indian rupee touched fresh five-and-half month high on Thursday, on hopes of government's likely move to approve increase in the cap on foreign direct investment in insurance firms and open the pension sector to foreign investors after a cabinet meeting later today. Increase in foreign fund inflows and dollar selling by exporters also supported the local unit. Domestic currency’s appreciation against dollar benefited all state oil marketing companies and it may also result in reduction in petrol price by about Rs 1.60 per litre.

The partially convertible currency is currently trading at 52.04, stronger by 11 paise from its previous close of 52.15 on Wednesday. The currency, so far, has touched a high and low of 52.05 and 51.87 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 52.33 and for Euro it stood at Rs 67.4485 on October 3, 2012. While, the RBI’s reference rate for the Yen stood at 66.89 the reference rate for the Great Britain Pound (GBP) stood at 84.3004. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

October 3, 2012

52.33 84.3004

October 1, 2012

52.7885.1625
(RBI-reference rate)

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