Indian rupee after hitting a 32 month low level in the previous session gained marginal traction on Thursday tracing local equities which recouped substantial losses after the release of Weekly inflation data. India’s food inflation eased to 10.63% for the week ended November 5 as compared to Food inflation eased to 10.63% for the week ended November 5. Local unit had in the early deals slipped considerably owing to the dollar demand from oil refiners amidst weak opening of the equity markets as a lack of concrete measures to stem Europe's sovereign-debt crisis continued to dampen sentiment. Meanwhile, the euro hit five-week lows versus both the dollar and the yen on Thursday as bond market turmoil spread across Europe, sparking calls for the European Central Bank to intervene more forcefully in markets.
The partially convertible currency is currently trading at 50.70, stronger by 5 paise from its previous close of 50.75 on Wednesday. It has touched a high and low of 50.85 and 50.64 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 50.90 and for Euro it stood at 68.4750 on November 16, 2011. While, the RBI's reference rate for the Yen stood at 66.06 and the reference rate for the Great Britain Pound (GBP) stood at 80.3040. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 16, 2011 | 50.90 | 80.3040 |
| November 15, 2011 | 50.56 | 80.2990 |
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