After opening higher, Indian rupee erased all gains and is currently trading lower against dollar in the late morning session, following weak local equity markets. Increasing dollar demand from importers and banks pressurized the local unit to an extent. However, continued capital inflows from the foreign institution and strengthening of euro against the US currency overseas are limiting the downfall.
The partially convertible currency is currently trading at 55.29, weaker by 6 paise from its previous close of 55.23 on Monday. The currency touched a high and low of 55.37 and 55.06 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.97 and for euro it stood at Rs 71.66 on January 7, 2013. While, the RBI’s reference rate for the Yen stood at 62.67, the reference rate for the Great Britain Pound (GBP) stood at 88.1077. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
January 7, 2013 | 54.97 | 88.1077 |
January 4, 2012 | 54.84 | 88.1646 |
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