Indian rupee slipped on Friday on account of fresh dollar demand from banks despite its weakness overseas. Indian currency tracing negative local equities also depreciated after some reports suggested that better than expected August IIP figures were not enough to end a long slump in Asia's third largest economy. India’s index of industrial production (IIP), a key measure of industrial output coming at six month high level registered decent growth of 2.7 per cent in August 2012. On the global front, euro rose on Friday but remained well within the week's range as traders’ awaited clarity on when and whether heavily indebted Spain would request a bailout to shore up its finances.
Finally the rupee ended at 52.81, weaker by 14 paise from its previous close of 52.67 on Thursday. The currency has touched a high and low of 52.90 and 52.56 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 52.70 and for Euro it stood at Rs 68.1585 on October 12, 2012. While, the RBI’s reference rate for the Yen stood at 67.21 the reference rate for the Great Britain Pound (GBP) stood at 84.5097. The reference rates are based on 12 noon rates of a few select banks in Mumbai.