Tracking weak local markets rupee depreciated against dollar

Tracking local markets weakness, Indian rupee depreciated against American currency on Friday on the back of increasing dollar demand. Dollar's gains against euro and yen in the overseas markets following a rise in the US data, a weak opening in the stock market pressurized the local unit. Meanwhile, euro headed for its first five-day drop in three weeks ahead of data which will show the region’s economy shrank as its debt crisis remained unresolved.

The partially convertible currency is currently trading at 55.36, weaker by 6 paise from its previous close of 55.30 on Thursday. The currency, so far, has touched a high and low of 55.50 and 55.31 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.17 and for Euro it stood at Rs 68.27 on August 9, 2012. While, the RBI’s reference rate for the Yen stood at 70.28, the reference rate for the Great Britain Pound (GBP) stood at 86.4262. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

(RBI-reference rate)