Indian rupee after gaining some ground in the previous session has retrenched it tracing the plunge of the regional counterparts and local equities after Germany's finance minister cautioned against hopes for a quick fix to Europe's debt problem. Meanwhile, Chinese GDP Data which grew at its slowest pace in last two years, besides graving the sentiment for regional counterparts, also weighed on the Indian currency. Apart from this, corporate demand for the American greenback in view of its strength overseas also pressurized the local unit. On the global front, the euro rose on Tuesday but remained below a one-month high hit the previous day, having taken a hit after Germany tempered hopes that European leaders would soon come up with a quick, comprehensive solution to the euro zone's debt crisis.
The partially convertible currency is currently trading at 49.12, weaker by 18 paise from its previous close of 48.94 on Monday. It has touched a high and low of 49.16 and 49.06 respectively. The Reserve Bank of India's reference rate for the dollar stood at 48.89 and for Euro it stood at 67.78 on October 17, 2011. While, the RBI's reference rate for the Yen stood at 63.39 and the reference rate for the Great Britain Pound (GBP) stood at 77.3113. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 17, 2011 | 48.89 | 77.3113 |
| October 14, 2011 | 49.06 | 77.4187 |
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