Following a lower opening, Indian rupee recovered marginally against dollar in the late morning session on Thursday. Dollar selling by some banks supported local unit to an extent. However, dollar demand from importers and appreciation of the US currency overseas kept pressure on the domestic currency. Volatile domestic equity markets also pulled down the rupee. Meanwhile, investors were waiting for some measure trigger like rate-cut in the next fiscal policy, in order to make some strong positions.
The partially convertible currency is currently trading at 54.69, stronger by 3 paise from its previous close of 54.72 on Wednesday. The currency has touched a high and low of 54.91 and 54.64 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.71 and for Euro it stood at Rs 71.43 on March 6, 2013. While, the RBI’s reference rate for the Yen stood at 58.69, the reference rate for the Great Britain Pound (GBP) stood at 82.7873. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
March 6, 2013 | 54.71 | 82.7873 |
March 5, 2013 | 54.65 | 82.6584 |
(RBI-reference rate)
