Indian rupee continued northward journey and ended firm on Thursday on dollar inflows. So far in January net dollar inflows into Indian debt stand at about $1.76 billion, compared with about $291 million for equities, according to the Securities and Exchange Board of India data till Jan 11. However Dollars demand from importers and weak local shares limited rupee’s rise. Investors were waiting for some trigger from the European Central Bank's rate meeting about a policy easing and a Spanish bond sale that will test demand for Europe's debt.
Finally the rupee ended at 51.57, stronger by 0.34 paise from its previous close of 51.91 on Wednesday. It has touched a high and a low of 51.9000 and 51.5600 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 51.8290 and for Euro it stood at 65.9013 on January 12, 2012. While, the RBI's reference rate for the Yen stood at 67.41 and the reference rate for the Great Britain Pound (GBP) stood at 79.4228. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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