After opening lower, Indian rupee erased some early losses and trading flat in negative territory in the late morning session on Thursday. Increase in dollar demand from importers and weak local equity markets pressurized local unit to an extent. American currency’s strength against euro overseas also put pressure on the rupee. Meanwhile, euro extended its losses against the dollar, touching lowest level in four months on the back of a weak Italian bond auction and concerns over Cyprus' recent rescue deal, also affected rupee.
The partially convertible currency is currently trading at 54.38, weaker by 1 paisa from its previous close of 54.37 on Tuesday. The currency touched a high and low of 54.46 and 54.35 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.27 and for Euro it stood at Rs 69.88 on March 26, 2013. While, the RBI’s reference rate for the Yen stood at 57.63, the reference rate for the Great Britain Pound (GBP) stood at 82.4903. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 26, 2013 | 54.27 | 82.4903 |
| March 25, 2013 | 54.09 | 82.4658 |
(RBI-reference rate)
