Following weak local equity markets, Indian rupee continued its losing streak against American currency on the back of persisting month end demand for the dollar from importers. US currency’s gain against other overseas currencies pressurized the domestic currency. Investors avoided any strong positions in the risky assets as they were concerned about the delay in resolving the fiscal cliff crisis. Meanwhile, euro depreciated against dollar as Republican House Speaker John Boehner deserted his bill to come over the fiscal cliff, conceding there weren't sufficient votes for it in the chamber.
The partially convertible currency is currently trading at 55.14, weaker by 29 paise from its previous close of 54.85 on Thursday. The currency has touched a high and low of 55.25 and 55.03 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.84 and for Euro it stood at Rs 72.46 on December 20, 2012. While, the RBI’s reference rate for the Yen stood at 65.31, the reference rate for the Great Britain Pound (GBP) stood at 89.1128. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
December 20, 2012 | 54.84 | 89.1128 |
December 19, 2012 | 54.74 | 89.0180 |
