Indian rupee tracing local shares ended weaker on Tuesday on account of subdued risk appetite due to impasse over bailout Greece. Meanwhile, growth in GDP at factor cost during 2011-12, at 2004-05 prices, which was estimated at 6.9 percent as compared to the growth rate of 8.4 percent in 2010-11, its slowest pace in three year’s also negated the sentiment of Indian rupee. Moreover, dollar demand also pushed the local unit lower. However, euro held its ground against the dollar on Tuesday as most traders clung to hopes that Greece would clinch a rescue package needed to avert a chaotic default.
Finally the rupee ended at 49.19, weaker by 14 paise from its previous close of 49.05 on Monday. It has touched a high and a low of 49.23 and 48.82 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 48.9150 and for Euro it stood at 64.1188 on February 7, 2012. While, the RBI's reference rate for the Yen stood at 63.79 the reference rate for the Great Britain Pound (GBP) stood at 77.3053. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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