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Rupee depreciates to a ten week low on Tuesday

09 Aug 2011 Evaluate

After the five days of slide, Indian rupee has depreciated to a ten week low on Tuesday as risk aversion accelerated in a global equity sell off adding to the fears of foreign funds outflow that have been shoring up the domestic unit. Meanwhile, the negative local equities coupled with the weaker regional counterparts too have been weighing on the sentiment of the local currency. On the global front, the euro fell against the U.S. dollar, retracing early gains after European Central Bank purchases of Spanish and Italian debt did little to alleviate concern the debt crisis is spreading to core countries in the region.

The partially convertible currency is currently trading at 45.20, weaker by 23 paise from its previous close of 44.97 on Monday. It touched a high and low of 45.40 and 45.17 respectively. The Reserve Bank of India's reference rate for the dollar stood at 44.96 and for Euro it stood at 64.55 on August 08, 2011. While, the RBI's reference rate for the Yen stood at 57.78 and the reference rate for the Great Britain Pound (GBP) stood at 73.9423. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
August 08,201144.96 73.9423
August 05,201144.80 72.8586
RBI-Reference rate

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