Rupee strengthened on Tuesday supported by gains in the stock market and dollar weakness against other currencies. However, surging oil prices have maintained lid on further appreciation of the local unit, while, even demand for dollars by oil importers may play spoilsport for the rupee's gains during the day. Brent crude futures were supported near $115 on Tuesday by supply concerns triggered by the spreading unrest in the Middle East, while uncertainty about demand from the world's No. 3 consumer Japan capped gains.
Meanwhile, dealers are also turning more optimistic about the rupee's outlook in the near term on expectations of robust dollar inflows with companies getting funds via ECBs , and remittance in this quarter due to the Middle-East crisis.
The partially convertible Rupee is currently trading at Rs 44.96/97, stronger by 5 paise from its previous close of 45.01/02 on Monday. It touched a high of 45.00 and a low of 44.96 respectively. The Reserve Bank of India's Reference Rate for the US dollar stood at Rs 45.05 and for Euro it stood at Rs 63.81 on March 21, 2011. While, the RBI's reference rate for the Yen stood at Rs 55.65 and the reference rate for the Great Britain Pound (GBP) stood at 73.0508 on March 21, 2011. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 21,2011 | 45.05 | 73.0508 |
| March 18,2011 | 45.09 | 72.8226 |
RBI-reference rate
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