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Rupee cools a bit from early lows on perceived RBI intervention

21 Nov 2011 Evaluate

Indian rupee after striking 32 months low in early deals, has recovered a bit on perceived RBI intervention in the currency markets to stall the slide in rupee. However, the turmoil for the Indian currency continues to prevail on the back of weakening equities amidst demand for American greenback from oil refiners too acting as a mood dampener. Lack of concrete measures to stem the European sovereign-debt crisis which sent has jitters across the globe has mainly pounded the sentiment on home turf too. Meanwhile, local unit also tailing the sluggish momentum of euro amidst weak regional counterparts has got off to a difficult start. The euro got off to a subdued start in Asia on Monday after a short-covering squeeze late last week ran out of steam and news of an overwhelming election victory for Spain's centre-right opposition was greeted with cautious optimism.

The partially convertible currency is currently trading at 51.72, weaker by 39 paise from its previous close of 51.33 on Friday. It has touched a high and low of 51.78 and 51.46 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 51.35 and for Euro it stood at 69.2589 on November 18, 2011. While, the RBI's reference rate for the Yen stood at 66.80 and the reference rate for the Great Britain Pound (GBP) stood at 80.9734. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 18, 201151.35 80.9734
November 17, 201150.72 79.8770
RBI Reference Rate

 

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