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Rupee pares all its early gains; closes flat

28 Jun 2011 Evaluate

The Indian rupee ended flat on Tuesday, though the start of the domestic currency was good supported by the recovery in euro against the dollar and gains in the local stock markets, but in latter trade the local shares turned choppy and the euro too lost its strength ahead of the vote at Greece's parliament to approve austerity steps that are a precondition for international aid to avoid a default. The rupee also pared its gains as domestic oil companies stepped up their demand for dollars.

Finally the Rupee ended at 45.04, exactly at its previous closing on Monday. It touched a high and low of 45.9800 and 44.9700 respectively. The Reserve Bank of India's reference rate for the Dollar stood at 45.05 and for Euro it stood at 64.34 on June 28, 2011. While, the RBI's reference rate for the Yen stood at 55.78 and the reference rate for the Great Britain Pound (GBP) stood at 71.9156. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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