Indian Rupee Appreciates Against Dollar Ahead Annual Budget
Supported by positive local share Indian rupee was appreciated against American currency on Friday ahead annual union budget. Local currency also aided in anticipation of capital inflows as risk appetite improved on back of strong U.S. manufacturing and jobs data. Meanwhile, investors expect some serious reforms to trim country's fiscal deficit amid cooling economic growth and a crisis of stability for the coalition government. However Asian shares steadied and the dollar took a breather after its recent broad rally spurred some profit-taking, but a fresh batch of data suggesting the US economy may be picking up momentum underpinned investor sentiment.
The partially convertible currency is currently trading at 50.30, stronger by 9 paise from its previous close of 50.39 on Thursday. It has touched a high and a low of 50.35 and 50.24 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.2225 and for Euro it stood at Rs 65.5355 on March 15, 2012. While, the RBI's reference rate for the Yen stood at 59.92 the reference rate for the Great Britain Pound (GBP) stood at 78.6384. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
The partially convertible currency is currently trading at 50.30, stronger by 9 paise from its previous close of 50.39 on Thursday. It has touched a high and a low of 50.35 and 50.24 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.2225 and for Euro it stood at Rs 65.5355 on March 15, 2012. While, the RBI's reference rate for the Yen stood at 59.92 the reference rate for the Great Britain Pound (GBP) stood at 78.6384. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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