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Rupee appreciates against dollar on stronger euro

21 Mar 2013 Evaluate

Tracking improvement in the global risk appetite, India rupee appreciated against greenback amid dollar selling by some banks. Dollar weakness against other Asian currencies, after the US Federal Reserve maintained its commitment to a very accommodative monetary stance helped local unit to maintain gains. Positive local equity markets and a stronger euro also supported domestic currency. Meanwhile, stake sale by government in Steel Authority of India on March 22 will also help the rupee to gain some strength.

The partially convertible currency is currently trading at 54.27, stronger by 10 paise from its previous close of 54.37 on Wednesday. The currency touched a high and low of 54.31 and 54.22 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.37 and for Euro it stood at Rs 70.03 on March 20, 2013. While, the RBI’s reference rate for the Yen stood at 57.22, the reference rate for the Great Britain Pound (GBP) stood at 82.0700. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
March 20, 201354.37 81.0700
March 19, 201354.26 81.9352

(RBI-reference rate)

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