Indian rupee recovered against dollar following positive local equity markets. Increasing US currency’s selling by exporters and banks supported local unit to an extent. Continued capital inflows from foreign funds into the equity market mainly boosted the rupee value against the dollar. Meanwhile, domestic currency also reinforced on hopes for a interest rates cut in this month to boost economy that is set to post its slowest growth in a decade, as the wholesale price index (WPI), India's main inflation gauge, unexpectedly eased at 7.18% for the month of December as compared to 7.24% (Provisional) for the previous month and 7.74% during the corresponding month of the previous year. Euro strengthened against the dollar overseas after ECB chief Mario Draghi's positive comments last week about the euro-zone's outlook and also supported the rupee.
The partially convertible currency is currently trading at 54.64, stronger by 12 paise from its previous close of 54.76 on Friday. The currency touched a high and low of 54.82 and 54.64 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.54 and for Euro it stood at Rs 72.29 on January 11, 2013. While, the RBI’s reference rate for the Yen stood at 61.26, the reference rate for the Great Britain Pound (GBP) stood at 88.0532. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
January 11, 2013 | 54.54 | 88.0532 |
January 10, 2013 | 54.63 | 87.5017 |
