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Rupee pares early gains against dollar

02 Nov 2012 Evaluate

Indian rupee pared all early gains and is currently trading lower against dollar amid sustained greenback demand from importers, which offsets increased capital inflows. Dollar’s gains against the euro overseas due to fresh concerns over Greece also pressurized local unit to an extent. However, positive local equity markets restricted domestic currencies losses.

The partially convertible currency is currently trading at 53.73, weaker by 4 paise from its previous close of 53.69 on Thursday. The currency, so far, has touched a high and low of 53.74 and 53.60 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.77 and for Euro it stood at Rs 69.7105 on November 1, 2012. While, the RBI’s reference rate for the Yen stood at 67.25 the reference rate for the Great Britain Pound (GBP) stood at 86.7683. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

November 1, 2012

53.77 86.7683

October 31, 2012

54.1187.0751
(RBI-reference rate)

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