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Rupee appreciates against dollar on rate-cut hopes

15 Mar 2013 Evaluate

Snapping earlier session’s losses, Indian rupee recovered against greenback on Friday amid dollar selling by banks and exporters. Positive opening in the domestic equity market supported local unit to an extent. Meanwhile, investors started making strong positions on rate cut hopes in the upcoming monetary policy. Strengthening of euro against the dollar overseas, as European Union summit endorsed plans for structural assessment of national budgets, also helping domestic currency to trade on a stronger note.

The partially convertible currency is currently trading at 54.13, stronger by 24 paise from its previous close of 54.37 on Thursday. The currency touched a high and low of 54.17 and 54.05 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.44 and for Euro it stood at Rs 70.50 on March 14, 2013. While, the RBI’s reference rate for the Yen stood at 56.73, the reference rate for the Great Britain Pound (GBP) stood at 81.3336. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
March 14, 201354.44 81.3336
March 13, 201354.1180.8376
(RBI-reference rate)

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