Indian rupee weakened for third consecutive session on Friday as investor’s pruned their holdings on country's weak economic outlook and fears that more pain was in store for the currency given limited fiscal and monetary space for supporting growth. Increase in dollar demand from gold importers stocking up supplies of the yellow metal before Akshaya Tritiya festival on April 24 was seen hurting rupee. Besides this, even the fall of Indian equity markets acted as a roadblock in the Indian currency’s momentum. On the global front, euro rose on Friday after a better-than-expected a German business sentiment survey.
Finally the rupee ended at 52.08, weaker by 5 paise from its previous close of 52.13 on Thursday. It has touched a high and low of 52.20 and 51.96 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 51.99 and for Euro it stood at Rs 68.39 on April 20, 2012. While, the RBI's reference rate for the Yen stood at 63.70 the reference rate for the Great Britain Pound (GBP) stood at 83.5398. The reference rates are based o n 12 noon rates of a few select banks in Mumbai.
