Indian rupee extended gains against dollar on Wednesday following firm local equity markets and healthy capital inflows in the earlier session. Rupee strengthened for a second day tracking a risk-on mood globally after data showed U.S. industrial output grew faster than economists estimated reports. Dollar selling by exporters and banks also helped the local unit to an extent. Meanwhile, euro hit a one-month high against the dollar, following Moody's decision not to downgrade Spain's credit rating, which also supported domestic currency.
The partially convertible currency is currently trading at 52.74, stronger by 14 paise from its previous close of 52.88 on Tuesday. The currency, so far, has touched a high and low of 52.80 and 52.65 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 52.81 and for Euro it stood at Rs 68.61 on October 16, 2012. While, the RBI’s reference rate for the Yen stood at 66.95 the reference rate for the Great Britain Pound (GBP) stood at 84.9598. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 16, 2012 | 52.81 | 84.9598 |
October 15, 2012 | 53.11 | 85.1457 |