Following a negative start, Indian rupee appreciated against greenback amid dollar selling by banks and exporters. Positive local equity markets supported the domestic unit to an extent. Decline in global crude oil and gold prices is expected to reduce the pressure on the country's record current account deficit and increase hopes of a rate cut by the RBI in the monetary policy early May, which have been a key factor weighing on the rupee. However, month-end demand for dollar from importers restricted local unit’s gains.
The partially convertible currency is currently trading at 54.15, stronger by 5 paise from its previous close of 54.20 on Wednesday. The currency has touched a high and low of 54.23 and 54.06 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.94 and for Euro it stood at Rs 71.05 on April 17, 2013. While, the RBI’s reference rate for the Yen stood at 54.89, the reference rate for the Great Britain Pound (GBP) stood at 82.7691. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 17, 2013 | 53.94 | 82.7691 |
| April 16, 2013 | 54.32 | 83.1723 |
RBI-Reference rate
