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Rupee ends weak on Thursday; sloppy local equities weigh

21 Jul 2011 Evaluate

Indian rupee after touching a week high level in early deals cooled off substantially and settled weaker on Thursday prompted by negative local equities and weakness in Euro. Though, dollar weakness in the overseas market gave some respite to the local currency, but softening of euro weighed on the sentiment. On the global front, the euro dived on Thursday after Euro group President Jean-Claude Juncker was quoted as suggesting a selective default for Greece was possible, thereby prompting investors who had bought the euro in anticipation of progress at a European summit to cut their positions.

Finally the rupee ended at 44.50, weaker by 5 paise from its previous close of 44.45 on Wednesday. It has touched a high and low of 44.52 and 44.42 respectively. The Reserve Bank of India's reference rate for the dollar stood at 44.43 and for Euro it stood at 63.40 on July 21, 2011. While, the RBI's reference rate for the Yen stood at 56.38 and the reference rate for the Great Britain Pound (GBP) stood at 71.8967. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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