Indian rupee made a good recovery after slipping in the early trade and ended almost flat on Thursday. The local equity markets continued their decline, shedding over a percent and dampened the spirit of rupee which surged to near a three year high in previous session. Though, the dollar remained weak against other major currencies as the Washington showed no signs of progress in getting a debt agreement, but the euro too declined on renewed fears of debt crisis becoming contagion.
Finally the rupee ended at 44.08, slightly higher by1 paise from its previous close of 44.08 on Wednesday. It touched a high and low of 44.1700 and 44.0150 respectively. The Reserve Bank of India's reference rate for the dollar stood at 44.1263 and for Euro it stood at 63.3322 on July 28, 2011. While, the RBI's reference rate for the Yen stood at 56.72 and the reference rate for the Great Britain Pound (GBP) stood at 72.0538. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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