Indian rupee for the first time in 32 months pierced through 51 psychological mark on Friday. Weighed down by the rising oil import payments and slowing exports and foreign inflows, Indian currency recorded its biggest weekly fall in eight weeks. Worries over worsening debt crisis in Europe further roiling the global economy, also added to the pessimism. Negative equities coupled with firm US dollar also acted as a roadblock in local unit’s momentum. On the global front, the euro inched up against the dollar on Friday as investors’ unwound bearish bets on the single currency to book profits ahead of the weekend, but with the euro zone debt crisis escalating, appetite to sell on upticks was high.
Finally the rupee ended at 51.33, weaker by 43 paise from its previous close of 50.90 on Thursday. The Reserve Bank of India's reference rate for the dollar stood at Rs 51.35 and for Euro it stood at 69.2589 on November 18, 2011. While, the RBI's reference rate for the Yen stood at 66.80 and the reference rate for the Great Britain Pound (GBP) stood at 80.9734. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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