Indian Rupee ended tad stronger on Tuesday due to sustained selling of dollars by banks and exporters amid firm domestic equity markets and dollar weakness overseas. On the global front, the euro rose to a three-week peak against the dollar on Tuesday after a report saying Germany could make concessions on efforts to put together a bailout for Greece, helping to ease fears over a Greek debt restructuring.
Meanwhile, India's economy grew 8.5 per cent in fiscal year 2010/11, slightly below the government's estimates of 8.6 per cent. For the quarter ended March 20011, the GDP grew at lower-than-expected 7.8 per cent against 9.4 per cent in the same period a year ago and as compared to 8.3 percent in the previous month.
Finally the Rupee ended at 45.06, stronger by 2 paise from its previous close of 45.08 on Monday. It has touched a high and low of 45.08/09 and 44.97 respectively. The Reserve Bank of India's reference rate for the US dollar stood at 45.03 and for Euro it stood at 64.75 on May 31, 2011. While, the RBI's reference rate for the Yen stood at 55.29 and the reference rate for the Great Britain Pound (GBP) stood at 74.4323. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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