Turmoil continued to persist in money markets for yet another session as Indian rupee prolonging its downward trajectory, hit a fresh all time low against the dollar on Tuesday, on the back of unrelenting selloff, driven by importers who scrambled for dollars in reaction to signals that the central bank isn't poised to support the Indian currency yet. Though, halt of eight days long losing streak at Dalal Street did provide some respite to the Indian currency, but it largely failed to prevent the currency from registering another all time low levels. Meanwhile, dollar hovered near a six-week high against a basket of currencies on Tuesday as worries that politicians on both sides of the Atlantic may fail to tackle huge debt burdens, weighing on investor appetite for risk.
Finally the rupee ended at 52.43, weaker by 31 paise from its previous close of 52.12 on Monday. It has touched a high and low of 52.76 and 52.32 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 52.70 and for Euro it stood at 71.08 on November 22, 2011. While, the RBI's reference rate for the Yen stood at 68.41 and the reference rate for the Great Britain Pound (GBP) stood at 82.44. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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