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Rupee ends the four day long rally on Tuesday

05 Jul 2011 Evaluate

Rupee after gaining for past four consecutive sessions finally took a breather on Tuesday. The local currency was weighed down by the negative local equities amidst fresh demand for the American currency from banks and corporate on the back of a stronger dollar overseas. On the global front, the US dollar index gained against major rivals with investors still wary of Europe's sovereign debt problems. Meanwhile, the euro retreated against the dollar as soft euro zone data and concerns over the health of Chinese economy pushed investors away from riskier currencies.

Finally the Rupee ended at 44.49, weaker by 7 paise from its previous close of 44.42 on Monday. It touched a high and low of 44.53 and 44.38 respectively. The Reserve Bank of India's reference rate for the Dollar stood at 44.4988 and for Euro it stood at 64.3968 on July 05, 2011. While, the RBI's reference rate for the Yen stood at 54.90 and the reference rate for the Great Britain Pound (GBP) stood at 71.2470. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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