Rupee takes a breather post two day's run

Indian rupee after appreciating for two straight sessions has finally taken a breather on Tuesday tracing negative local equities and weaker regional counterparts which slumped as new fears over about the viability of a much-heralded plan to contain Europe's debt crisis emerged post Greek Prime Minister George Papandreou called an unexpected referendum on Monday on the EU bailout deal. Pressured by his own lawmakers to share the heavy political burden of belt-tightening with other parties, Papandreou said he needed wider political support for the fiscal measures and structural reforms required by international lenders. Meanwhile, the broad gains of dollar against the euro overseas also perturbed the momentum of the Indian currency.

The partially convertible currency is currently trading at 49.06, weaker by 35 paise from its previous close of 48.71 on Monday. It has touched a high and low of 49.13 and 48.88 respectively. The Reserve Bank of India's reference rate for the dollar stood at 48.87 and for Euro it stood at 68.36 on October 31, 2011. While, the RBI's reference rate for the Yen stood at 61.51 and the reference rate for the Great Britain Pound (GBP) stood at 78.1137. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

RBI-Reference rate