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Rupee pares early gains against dollar

26 Nov 2012 Evaluate

After recovering against the American currency in early trade on Monday, Indian rupee again erased all gains and is trading lower in the late morning session. Increasing dollar buying from oil companies pressurized local unit to an extent. Investor’s disappointment by adjourning of parliamentary winter session on Friday also pushed the Indian rupee further down. However, positive local equity shares were restricting domestic currencies losses. Meanwhile, Euro was at a seven-month high against the yen and a one-month peak.

The partially convertible currency is currently trading at 55.65, weaker by 13 paise from its previous close of 55.52 on Friday. The currency touched a high and low of 55.67 and 55.43 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.34 and for Euro it stood at Rs 71.36 on November 23, 2012. While, the RBI’s reference rate for the Yen stood at 67.24 the reference rate for the Great Britain Pound (GBP) stood at 88.2966. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

November 23, 2012

55.34 88.2966

November 22, 2012

55.1588.0314
(RBI-reference rate)

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