Indian rupee, after taking a breather in the previous session, resumed its southbound journey, tracking a global dollar rally after the US Federal Reserve refrained from announcing any additional stimulus, leaving global investors focused on a European Central Bank (ECB) meeting later on Thursday for any action that could revive their appetite for risk. Further, negative local equities along with weaker regional counterparts also added to the pressure of Indian currency. On the global front, euro edged higher against the dollar on Thursday as many investors speculated that the European Central Bank will announce new steps later in the session to tackle the debt crisis and boost appetite for riskier currencies.
Finally the rupee ended at 55.85, weaker by 20 paise from its previous close of 55.65 on Wednesday. The currency has touched a high and low of 55.96 and 55.65 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.77 and for Euro it stood at Rs 68.31 on August 2, 2012. While, the RBI’s reference rate for the Yen stood at 71.12, the reference rate for the Great Britain Pound (GBP) stood at 86.7492. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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