Indian rupee appreciated against US currency breaching the key psychological level of 53 to a dollar and touched three-and-half-month high on Monday amid increased dollar inflows. Higher opening in the domestic equity market and optimism that the recent rate cut by Reserve Bank of India (RBI) will spur economic growth supported the domestic currency. Meanwhile, other Asian currencies weakness against the dollar overseas capped the rupee's gains.
The partially convertible currency is currently trading at 52.98, stronger by Rs 21 paise from its previous close of 53.19 on Friday. The currency has touched a high and low of 53.07 and 52.93 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.32 and for Euro it stood at Rs 72.63 on February 1, 2013. While, the RBI’s reference rate for the Yen stood at 57.85, the reference rate for the Great Britain Pound (GBP) stood at 84.5982. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
February 1, 2013 | 53.32 | 84.5982 |
January 31, 2013 | 53.28 | 84.2233 |
