Rupee snapping two day’s rally has emerged weak on Monday tailing weakness of the euro and other regional counterparts. Fresh demand for the American currency from banks and importers in the light of dollar firmness overseas amidst weak local equities, has mainly affected the rupee value. On the global front, the euro hit two-week lows versus the dollar and Swiss franc on Monday in the lead-up to an emergency meeting among top European officials worried that the debt crisis was spreading to Italy, the region's third largest economy.
The partially convertible Rupee is currently trading at 44.37, weaker by 5 paise from its previous close of 44.32 on Friday. It has touched a high and low of 44.41 and 44.35 respectively. The Reserve Bank of India's reference rate for the dollar stood at 44.3263 and for Euro it stood at 63.6456 on July 08, 2011. While, the RBI's reference rate for the Yen stood at 54.55 and the reference rate for the Great Britain Pound (GBP) stood at 70.7448. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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