Indian rupee prolonged previous session’s somber mood on Wednesday amidst increased demand for the American currency from importers. However, northbound trajectory of local equities post the release of September’s quarter GDP data provided a ceiling to the loss of Indian currency. Much in line with expectations, India's economy grew 6.9 percent in the September quarter from a year earlier. On the global front, euro held steady on Wednesday as the market gave a guarded reception to details on the euro zone's new lending facility and on proposals to expand funding for the IMF so it could lend to troubled members such as Italy.
The partially convertible currency is currently trading at 52.18, weaker by 16 paise from its previous close of 52.02 on Tuesday. It has touched a high and low of 52.20 and 52.06 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 51.93 and for Euro it stood at 69.36 on November 29, 2011. While, the RBI's reference rate for the Yen stood at 66.55 and the reference rate for the Great Britain Pound (GBP) stood at 80.6226. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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