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Rupee extends its weakness on Tuesday

04 Oct 2011 Evaluate

Indian rupee weakened on Tuesday as fears over the extent of the impact of Europe's debt crisis might have on the global economy boosted the safe heaven dollar demand, thereby weighing on the Indian currency. Negative local equities and sedate performance of regional counterparts too have led to the third dismal performance of the local unit. On the global front, the dollar was supported near a 9-month high against a basket of currencies on Tuesday with the market gripped by fear that the debt crisis in Europe could unleash substantial damage on the global economy.

The partially convertible currency is currently trading at 49.22, weaker by 7 paise from its previous close of 49.15 on Monday. It touched a high and low of 49.43 and 49.21 respectively. The Reserve Bank of India's reference rate for the dollar stood at 49.42 and for Euro it stood at 65.84 on October 3, 2011. While, the RBI's reference rate for the Yen stood at 64.15 and the reference rate for the Great Britain Pound (GBP) stood at 76.7209. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
September 30, 201149.42 76.7209
September 29, 201148.92 76.5192
RBI-Reference Rate

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