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.
| Date | 1US$ | 1GBP |
October 3, 2012 | 52.33 | 84.3004 |
October 1, 2012 | 52.78 | 85.1625 |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: