Following a higher opening, Indian rupee pared some early gains but continued trading positive against greenback amid increased selling of US currency by banks and exporters. However, weak local equity markets and month-end dollar demand capped local unit’s gains to some extent. Euro’s gains against dollar also helped domestic currency to hold gains. Further, investors remained hopeful of Reserve Bank of India easing interest rates on lower WPI inflation.
The partially convertible currency is currently trading at 55.06, stronger by 5 paise from its previous close of 55.11 on Monday. The currency touched a high and low of 55.09 and 54.95 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.03 and for Euro it stood at Rs 70.68 on May 20, 2013. While, the RBI’s reference rate for the Yen stood at 53.60, the reference rate for the Great Britain Pound (GBP) stood at 83.6064. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Date | 1US$ | 1GBP |
May 20, 2013 | 55.03 | 83.6064 |
May 17, 2013 | 54.88 | 83.6580 |
(RBI-Reference rate)
