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Rupee continues previous session’s rally ahead of GDP data

30 Nov 2012 Evaluate

Following previous session’s spurt, Indian rupee continued its northward journey after touching three weeks high against American currency on Friday amid dollar selling by banks.  Investors were waiting for details of the July-September gross domestic product (GDP) data set to be released later in the day. Meanwhile, euro  trading below a one-month high against the dollar as the market worried about the prospects for a budget deal seen as essential to preventing the US economy from slipping back into recession next year.

The partially convertible currency is currently trading at 54.52, stronger by 33 paise from its previous close of 54.85 on Thursday. The currency touched a high and low of 54.55 and 54.35 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 29, 2012

55.3488.2966

November 27, 2012

55.7089.3444
(RBI-reference rate)

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