Snapping two day’s rally, Rupee eased on Monday in tandem with subdued euro and other Asian currencies. Weak local equities coupled with sustained demand for American currency from banks and importers in the light of strong dollar overseas affected the value of the local unit. On the global front, euro fell back close to a record low versus the Swiss franc and hovered near chart support against the Australian dollar, on renewed jitters over the euro zone's debt crisis ahead of an emergency meeting of European officials.
Finally the Rupee ended at 44.48, weaker by 16 paise from its previous close of 44.32 on Friday. It touched a high and low of 44.48 and 44.35 respectively. The Reserve Bank of India's reference rate for the dollar stood at 44.3705 and for Euro it stood at 62.9578 on July 11, 2011. While, the RBI's reference rate for the Yen stood at 54.93 and the reference rate for the Great Britain Pound (GBP) stood at 70.8375. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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