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Rupee slips to a 32 months low level on Tuesday

15 Nov 2011 Evaluate

Indian rupee has slipped down to its lowest level in 32 months on Tuesday, amidst daunting global set up which pushing  safe haven dollar demand has sapped demand for emerging market assets. Growing uncertainty over whether newly formed governments in Italy and Greece can implement effective austerity measures, mainly has led to the downtrend in the Indian equity markets coupled with that of global one’s, which in turn have added to the weakness of the local unit. On the global front, the euro has dipped on Tuesday, after a rise in Italian and Spanish bond yields underscored the challenges facing European leaders as they struggle to contain the region's debt crisis.

The partially convertible currency is currently trading at 50.60, weaker by 30 paise from its previous close of 50.30 on Monday. It has touched a high and low of 50.70 and 50.42 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.

Date1US$1GBP
November 14, 201150.08 80.3631
November 11, 201150.2780.0776
RBI Reference Rate

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