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Indian rupee weakens on foreign fund outflows

27 Dec 2011 Evaluate

Weighed down by a lower opening in the domestic equity market and worries about foreign fund outflows from the stock market, Indian rupee after appreciating in the previous session, again resumed its southbound journey on Tuesday, after the Christmas holiday. Other than the feeble starting in the equity market, some dollar demand from importers mounted pressure on the rupee. On the global front euro gains against the American currency  supported the sentiments.

The partially convertible currency is currently trading at 52.9150, weaker by 9 paise from its previous close of 52.82 on Monday. It has touched a high and a low of 52.9300 and 52.7600 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 52.82 and for Euro it stood at 68.93 on December 26, 2011. While, the RBI's reference rate for the Yen stood at 67.75 and the reference rate for the Great Britain Pound (GBP) stood at 82.4739. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
December 26,201152.8282.47
December 23,201152.722082.7050

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