Indian rupee after appreciating to 16 weeks high level in early trade cooled off substantially and ended weak on Wednesday, on account of weak local equities and demand for American currency. However, the losses of local unit remained capped on expectation of stronger capital inflows towards government’s 9.5% stake in the NTPC on February 7, that is likely to raise about Rs 12,000 crore. Further, Reserve Bank of India (RBI) considering to impose value and quantity restrictions on gold imports by banks, which account for 60 percent of India's imports of the yellow metal, under extreme conditions, as the world's biggest consumer of gold battles a record high current account deficit, restricted the further depreciation of Indian currency. On the global front, euro resumed its uptrend despite a call from French President Francois Hollande to protect the currency from irrational movements.
Finally the rupee ended at 53.16, weaker by 3 paise from its previous close of 53.13 on Tuesday. The currency touched a high and low of 53.25 and 52.90 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.08 and for Euro it stood at Rs 72.01 on February 6, 2013. While, the RBI’s reference rate for the Yen stood at 56.59, the reference rate for the Great Britain Pound (GBP) stood at 83.1160. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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