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Rupee slips in early trade on Wednesday

01 Feb 2012 Evaluate

Indian rupee was trading weak on Wednesday tracing negative local equity shares and regional counterparts. Re-emergence of worries about global economic growth in the wake of bleak U.S. housing consumer confidence data, also spooked the sentiment of Indian currency. Data showed U.S. home prices fell more steeply than expected in November, while consumers turned less optimistic in January, highlighting the hurdles still facing the U.S. economy. Meanwhile, fall in the euro, alongside aggressive dollar buying by oil firms to settle month-end import bills, was also pressuring the rupee.

The partially convertible currency is currently trading at 49.50, weaker by 4 paise from its previous close of 49.46 on Monday. It has touched a high and a low of 49.66 and 49.40 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 49.6825 and for Euro it stood at 65.5157 on January 31, 2012. While, the RBI's reference rate for the Yen stood at 65.18 the reference rate for the Great Britain Pound (GBP) stood at 78.1704. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 31, 201249.6878.1704
January 30, 201249.5077.7395
(RBI-Reference Rate)

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