ndian rupee prolonging its previous session’s subdued mood has slipped to a two week low on Wednesday as optimism prevailing on account of planned resignation of Italian Prime Minister Silvio Berlusconi, which is considered as a step towards resolving the country's part in Europe's sovereign-debt crisis was counterbalanced by the grim outlook 79.1981engulfing both Greece and Italy and with those countries' borrowing costs showing no signs of easing. Greece is scrambling to win emergency funds to avert bankruptcy as soon as next month with political parties arguing over a new coalition government. Indian currency which earlier got some solace tracing local equities also slipped as the early rally at Dalal Street fizzled out. Meanwhile, corporate demand for American greenback also weighed on the Indian currency.
The partially convertible currency is currently trading at 49.79, weaker by 32 paise from its previous close of 49.47 on Tuesday. It has touched a high and low of 49.86 and 49.40 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 49.38 and for Euro it stood at 67.84 on November 08, 2011. While, the RBI's reference rate for the Yen stood at 63.27 and the reference rate for the Great Britain Pound (GBP) stood at 79.1981.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | !GBP |
| November 08, 2011 | 49.38 | 79.1981 |
| November 04, 2011 | 49.08 | 78.6522 |
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