Rupee strengthens for the second consecutive session

Indian Rupee strengthened for the second straight day on Thursday in line with other Asian currencies boosted by weak dollar overseas. However, negative local shares have capped the gains of the domestic unit. The dollar dropped against a basket of currencies, boosting buying interest in dollar-denominated commodities. Meanwhile, the euro edged up, extending its recovery from a seven-week low as commodity prices steadied after weeks of falls.

The partially convertible Rupee is currently trading at 44.95, stronger by 11 paise from its previous close of 45.06 on Wednesday. It has touched a high and low of 44.97 and 44.92/93 respectively. The Reserve Bank of India's reference rate for the US dollar stood 45.08 and for Euro it stood at 64.30 on May 18, 2011. While, the RBI's reference rate for the Yen stood at 55.55 and the reference rate for the Great Britain Pound (GBP) stood at 73.3452. The reference rates are based on 12 noon rates of a few select banks in Mumbai.