Indian rupee weakened further on Wednesday, though the start of the domestic currency was on a flat note but the weakness in the other regional currencies weighed on. Also the choppiness in the equity markets was unable to give any direction in early trade and persistent dollar buying by domestic oil companies led the rupee considerably lower. Some recovery in the local shares helped the rupee pare losses and recover from intraday low. Meanwhile, the dollar strengthened against other major currencies and the euro as it struggled lacking progress in talk of a common bond.
Finally the rupee ended at 45.42/43, weaker by 5 paise from its previous close of 45.37 on Friday. It touched a high and low of 45.4550 and 45.3450 respectively. The Reserve Bank of India's reference rate for the dollar stood at 45.3695 and for Euro it stood at 65.3355 on August 17, 2011. While, the RBI's reference rate for the Yen stood at 59.17 and the reference rate for the Great Britain Pound (GBP) stood at 74.5580. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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