Snapping four-day’s losing streak, Indian rupee opened higher against dollar on Tuesday on rate cut hopes. But rupee gave up some gains after Reserve Bank of India left repo rate and the cash reserve ratio unchanged in its mid-quarter monetary policy review for the fifth straight meeting, as the inflation is restricting the scope for monetary easing sought by the investors. Meanwhile, Finance Ministry had cut its forecast for India’s growth to about 5.7% to 5.9% in the fiscal year from an earlier estimate of as much as 7.85%, also restricted local unit’s gains. However, strengthening of euro against dollar supported the rupee to an extent.
The partially convertible currency is currently trading at 54.81, stronger by 4 paise from its previous close of 54.85 on Monday. The currency has touched a high and low of 54.86 and 54.71 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.62 and for Euro it stood at Rs 71.85 on December 17, 2012. While, the RBI’s reference rate for the Yen stood at 65.00, the reference rate for the Great Britain Pound (GBP) stood at 88.4006. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
December 17, 2012 | 54.62 | 88.4006 |
December 14, 2012 | 54.38 | 87.7822 |
