Snapping earlier session’s gains, Indian rupee depreciated against dollar on increased demand for the American currency from importers. Marginal fall in the euro levels on Wednesday hurts sentiment for the local unit. However, most other Asian units were stronger compared to the dollar, which may restrict a sharp fall in the domestic currency. Even positive local equity markets expected to limit the rupee losses.
The partially convertible currency is currently trading at 52.98, weaker by 10 paise from its previous close of 52.88 on Wednesday. The currency, so far, has touched a high and low of 53.10 and 52.98 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 52.75 and for Euro it stood at Rs 69.0385 on October 17, 2012. While, the RBI’s reference rate for the Yen stood at 67.07 the reference rate for the Great Britain Pound (GBP) stood at 85.0768. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 17, 2012 | 52.75 | 85.0768 |
October 16, 2012 | 52.81 | 84.9598 |