Indian rupee despite commencing the fresh week on an optimistic note ended near a 2 and 1/2 year low on Monday tracing local shares, which plunged in trade after the release of October month’s WPI data. India's headline inflation remaining higher above the uncomfortable 9 percent mark for the eleventh straight month came at 9.73% for the month of October 2011, as compared to 9.72% seen in the previous month. Indian currency gained ground in early trade in tandem with a rise in local equities, which raised hopes for foreign portfolio inflows as concerns of a financial meltdown in the euro zone ebbed. However, later even the fading gains of euro, weighed on the local unit. On the global front, euro fell against the dollar on Monday as initial optimism about prospects of crisis-fighting reforms under new governments in Italy and Greece gave way to caution over the huge debt problems still plaguing the single currency zone.
Finally the rupee ended at 50.30, weaker by 18 paise from its previous close of 50.12 on Friday. It has touched a high and low of 50.42 and 49.92 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 50.08 and for Euro it stood at 68.83 on November 14, 2011. While, the RBI's reference rate for the Yen stood at 64.93 and the reference rate for the Great Britain Pound (GBP) stood at 80.3631. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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