Indian rupee, snapping its two consecutive session’s depreciating streak, was trading stronger on Tuesday, tracing the early gains of local equities and also on fresh selling of dollars by banks and exporters due to weakness in dollar overseas. Strength was also induced by the report that India's trade deficit in November narrowed down due to a slower increase in imports. The gap narrowed to $19.3 billion in November from $21.0 billion in October. However, it was wider than the year-earlier month's deficit of $15.8 billion. On the global front, the euro has stabilized near two-week lows on Tuesday as nerves calmed over Italy's latest political turmoil and also on prospects of more stimulus from the Federal Reserve.
The partially convertible currency is currently trading at 54.35, stronger by 15 paise from its previous close of 54.50 on Monday. The currency has touched a high and low of 54.45 and 54.25 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.34 and for Euro it stood at Rs 70.13 on December 10, 2012. While, the RBI’s reference rate for the Yen stood at 65.94, the reference rate for the Great Britain Pound (GBP) stood at 87.0888. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
December 10, 2012 | 54.34 | 87.0888 |
December 7, 2012 | 54.20 | 86.9993 |
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