After negative opening and subsequent recovery, Indian rupee again erased all early gains in the late morning session on Tuesday as the Reserve Bank of India (RBI) kept key policy rates unchanged in the second quarter review of monetary policy 2012-13. Meanwhile, central bank has slashed cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.50 per cent to 4.25 per cent, which would inject Rs 17,500 crore of primary liquidity into the banking system. Increasing dollar demand from importers also pressurized local unit to an extent.
The partially convertible currency is currently trading at 54.16, weaker by 8 paise from its previous close of 54.08 on Monday. The currency, so far, has touched a high and low of 54.20 and 53.86 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.80 and for Euro it stood at Rs 69.4965 on October 29, 2012. While, the RBI’s reference rate for the Yen stood at 67.51 the reference rate for the Great Britain Pound (GBP) stood at 86.5209. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
October 29, 2012 | 53.80 | 86.5209 |
October 25, 2012 | 53.63 | 86.1780 |
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