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Rupee slightly better after eight consecutive session of slide

12 Aug 2011 Evaluate

Indian rupee recouping some of its losses ended slightly better after eight back to back sessions of slide on Friday. Indian currency though commenced on strong note tailing positive local equities but soon lost its ground owing to the persistent dollar demand from the oil companies for import payments amidst dollar strength overseas. However, approaching the closing, Indian currency recuperated some of its losses tailing higher euro and regional counterparts despite negative local equities which ended with a loss of over a percent. On the global front, the euro edged higher on Friday as European stocks gained after a ban on short-selling of financial shares by some euro zone countries calmed frayed nerves.

Finally the rupee ended at 45.34, stronger by 5 paise from its previous close of 45.39 on Thursday. It touched a high and low of 45.46 and 45.26 respectively. The Reserve Bank of India's reference rate for the dollar stood at 45.37 and for Euro it stood at 64.36 on August 12, 2011. While, the RBI's reference rate for the Yen stood at 59.06 and the reference rate for the Great Britain Pound (GBP) stood at 73.5308. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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