Indian rupee, reversing early gains stumbled on Tuesday, as relief to foreign funds on strenuous GAAR provisions seemed short-lived, as fears of continued outflows, continued to loom large in the mind of investor’s. However, gains of Asian counterparts were counterbalanced by the fall of common currency along with local equities, which witnessed nasty laceration for the session. Euro fell for a seventh straight session against the dollar on Tuesday on worries that political uncertainty in Greece and a French leadership change could threaten austerity plans seen as key to tackling the euro zone debt crisis.
Finally the rupee ended at 53.12, weaker by 21 paise from its previous close of 52.91 on Monday. It touched a high and low of 53.30 and 52.68 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 52.85 and for Euro it stood at Rs 68.80 on May 8, 2012. While, the RBI's reference rate for the Yen stood at 66.12 the reference rate for the Great Britain Pound (GBP) stood at 85.44. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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