Indian rupee after commencing on stronger note ended flat with negative bias on Tuesday tailing euro which slipped ahead of talks between French and German leaders on possible further measures to contain Europe's debt crisis. Meanwhile, weak German GDP data also weighed on the euro’s sentiment which in turn hampered the local unit movement. Indian currency was also pinched by the weakness of the regional counterparts coupled with the downturn of the local equities which fell despite the rate of inflation, based on monthly WPI came in line with the street expectation of 9.22% for the month of July 2011 as compared to 9.44% seen in the previous month.
Finally the rupee ended at 45.37, weaker by 3 paise from its previous close of 45.34 on Friday. It touched a high and low of 45.20 and 45.37 respectively. The Reserve Bank of India's reference rate for the dollar stood at 45.24 and for Euro it stood at 65.06 on August 16, 2011. While, the RBI's reference rate for the Yen stood at 58.93 and the reference rate for the Great Britain Pound (GBP) stood at 73.8803. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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