Rupee Depreciates Against US Currency On Increasing Dollar Demand
Mar-12-2012
Date: 12.03.2012
Indian rupee depreciated against dollar on Monday amid dollar demand from local oil refiners and cautious global risk appetite of investors on concerns over a slowdown in China. However rising domestic stocks were not able to strengthen the local currency. Meanwhile Index of Industrial Production (IIP) numbers for the month of January rose to 6.8%. With this weak industrial output data expectations of a rate cut from the Reserve Bank of India at its policy review later this week has gone down.
The partially convertible currency is currently trading at 49.97, weaker by 12 piase from its previous close of 49.85 on Friday. It has touched a high and a low of 50.01 and 49.89 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.0150 and for Euro it stood at Rs 66.1176 on March 9, 2012. While, the RBI's reference rate for the Yen stood at 61.31 the reference rate for the Great Britain Pound (GBP) stood at 79.0087. The reference rates are based on 12 noon rates of a few select banks in Mumbai. Powered by: THE ECONOMIC TIMES.
The partially convertible currency is currently trading at 49.97, weaker by 12 piase from its previous close of 49.85 on Friday. It has touched a high and a low of 50.01 and 49.89 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 50.0150 and for Euro it stood at Rs 66.1176 on March 9, 2012. While, the RBI's reference rate for the Yen stood at 61.31 the reference rate for the Great Britain Pound (GBP) stood at 79.0087. The reference rates are based on 12 noon rates of a few select banks in Mumbai. Powered by: THE ECONOMIC TIMES.
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