Following a lower opening, Indian rupee gained subsequently against US dollar in the late morning session, amid increased foreign fund inflows. Dollar selling by some exporters and banks helped local unit to recover from negative territory. Meanwhile, currency participants were expecting some measures to increase foreign institutional investor’s inflows, in the upcoming Union Budget on February 28, which might potentially boost the rupee. Euro’s gains against the US dollar in the overseas market also supported domestic currency to an extent. However, month-end demand for greenback from importers exerted downward pressure on rupee.
The partially convertible currency is currently trading at 54.08, stronger by 9 paise from its previous close of 54.17 on Friday. The currency touched a high and low of 54.22 and 54.06 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.43 and for Euro it stood at Rs 71.9061 on February 22, 2013. While, the RBI’s reference rate for the Yen stood at 58.34, the reference rate for the Great Britain Pound (GBP) stood at 83.2026. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
February 22, 2013 | 54.43 | 83.2026 |
February 21, 2013 | 54.48 | 82.7143 |
(RBI-reference rate)
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