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RBI fixed reference rate for US dollar at 39.82

Tulsi Deshmukh 24 September 2007

The Reserve Bank of India (RBI) has fixed the reference rate for US dollar and Euro. In a press release, RBI informed that the price for US dollar has been set at Rs 39.82 while for one Euro the reference price in Indian currency is 56.22

The exchange rate for Great Britain's pound has been set at Rs 80.85. Indian currency has touched its nine-year high against US dollar. The market players expect dollar to remain weak. The rise in valuation of Indian currency has become a big headache for Technology and BPO companies.

Finance ministry offered some compensations and rebates on certain taxes to Exporters on recommendation of Ministry of Commerce. The price of US dollar has dropped below Rs 40 for first time in nine years.

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