Rupee appreciates against dollar on disappointing U.S. jobs data

Supported by positive local equity markets, Indian rupee appreciated against US currency in late morning trade on Monday amid constant dollar selling by exporters and some banks. American currency’s weakens against a basket of currencies on disappointing jobs data on Friday also supported local unit to an extent. Meanwhile, Euro fell against dollar, but remained close to four-month highs reached after the weak U.S. data and the ECB's plans to help lower borrowing costs for the stressed member nations.

The partially convertible currency is currently trading at 55.32, stronger by 20 paise from its previous close of 55.52 on Friday. The currency, so far, has touched a high and low of 55.38 and 55.27 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.52 and for Euro it stood at Rs 70.20 on September 07, 2012. While, the RBI’s reference rate for the Yen stood at 70.31, the reference rate for the Great Britain Pound (GBP) stood at 88.4926. The reference rates are based on 12 noon rates of a few select banks in Mumbai.