Indian rupee depreciates against American currency

Indian rupee resumed its southward journey against dollar and fell to its weakest in three months on Monday ahead of inflation data due. Dollar’s gain against other currencies overseas and local shares volatility added pressure on Indian currency. Investors were waiting for possible intervention from the central bank to limit local currency’s downfall. High dollar demand from Indian companies for redemption of foreign bonds, payment for oil imports and in case of risk aversion if euro zone crisis intensifies extended rupee loss.

The partially convertible currency is currently trading at 51.62, stronger by 18 paise from its previous close of 51.30, on Friday. It has touched a high and a low of 51.69 and 51.62 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 51.41 and for Euro it stood at Rs 67.66 on April 13, 2012. While, the RBI's reference rate for the Yen stood at 63.50 the reference rate for the Great Britain Pound (GBP) stood at 81.9338. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

(RBI-Reference Rate)